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☆ Asia’s tech giants lean toward desperate deals
▼ + stars: | 2023-11-30 | by ( Anshuman Daga | ) www.reuters.com time to read: +3 min

TikTok CEO Shou Zi Chew arrives for a dinner, on the eve of the Paris Peace Forum at the Elysee Palace in Paris, France, November 9, 2023. TikTok CEO Shou Zi Chew was feted in Indonesia where it has 125 million monthly active users when he pledged in June to invest billions of dollars in the region. But the global giant failed to anticipate regulatory hurdles in its biggest market for online shopping. TikTok’s viral video app would provide Tokopedia with a powerful new growth avenue for its online shopping and payments business. Yet as tech companies from the People’s Republic to Indonesia pull out all the stops to lift growth amid waning investor support, desperate new alliances are bound to emerge.

Persons: Shou Zi Chew, Gonzalo Fuentes, TikTok, China’s, GoTo, Patrick Walujo, Indonesia’s GoTo, Una Galani, Thomas Shum Organizations: Paris Peace, REUTERS, Rights, Reuters, Companies, Google, Temasek, Bain &, Reuters Graphics Reuters Graphics, Tokopedia, HK, Global Digital, Djarum, Bloomberg, Thomson Locations: Paris, France, Rights SINGAPORE, Southeast Asia, Indonesia, Reuters Graphics Reuters Graphics Jakarta, Tokopedia, Lazada, Singapore, Indonesian, Thailand, People’s Republic, China

☆ Indonesia's GoTo narrows losses, says on track for profitability
▼ + stars: | 2023-08-15 | by ( Stefanno Sulaiman | ) www.reuters.com time to read: +2 min

JAKARTA, Aug 15 (Reuters) - Indonesia's biggest tech firm GoTo (GOTO.JK) on Tuesday said it had slashed underlying losses in the second quarter to 1.2 trillion rupiah ($78.25 million), down from 4.3 trillion rupiah a year earlier, helped by intense cost-cutting measures. Following positive results for the first half, GoTo revised its 2023 adjusted EBITDA outlook to a loss of between 4.5 trillion rupiah and 3.8 trillion rupiah, from a previously forecast loss of between 5.3 trillion rupiah and 4.6 trillion rupiah. Net revenues for the second quarter of 2023 rose to 3.6 trillion rupiah, up 86.7% from 2022, with the company's overall gross transaction value for the period reaching 143.7 trillion rupiah, it said. The company said it had slashed losses by 48% for the first half compared to a year earlier. Shares in GoTo, shorthand for GoTo Gojek Tokopedia, closed up 6.59% to 97 rupiah per share before the earnings announcement.

Persons: GoTo, Japan's, Patrick Walujo, Walujo, Tokopedia, TikTok, GoTo Gojek Tokopedia, Stefanno Sulaiman, Fanny Potkin, Conor Humphries Organizations: Japan's SoftBank, Thomson Locations: JAKARTA

☆ New GoTo CEO Walujo may not stay in top job long - sources
▼ + stars: | 2023-06-14 | by ( Fanny Potkin | ) www.reuters.com time to read: +2 min

SINGAPORE, June 14 (Reuters) - Incoming GoTo (GOTO.JK) CEO Patrick Walujo is planning to head the Indonesian technology company only temporarily and resign after improving profitability, as he splits his time between it and a private equity firm he co-founded, according to sources. The prominent Indonesian dealmaker, whose private equity firm Northstar Group was one of the earliest backers of GoTo's ride hailing business Gojek, was named as the CEO of GoTo last week. GoTo was created in 2021 through a merger of Gojek and e-commerce firm Tokopedia. Walujo, who will continue to manage Northstar, does not plan to stay for a full three-year term as GoTo CEO, said three sources, including people briefed by him and company investors. The sources said the timing of Walujo's tenure was likely to depend on how quickly he can trim spending and improve profits.

Persons: GoTo, Patrick Walujo, Walujo, Goldman Sachs, Fanny Potkin, Miyoung Kim, Robert Birsel Organizations: Northstar Group, Northstar, Reuters, Thomson Locations: SINGAPORE, Indonesian, Gojek, HK, The Jakarta, U.S, Singapore

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