GoTo posted a wider net loss in 2022 as the firm struggles towards profitability
Adjusted loss before interest, taxes, depreciation and amortization: 16 trillion rupiah, vs. 16.5 trillion rupiah in 2021Net revenue: 3.4 trillion rupiah, vs. 4.5 trillion rupiah in the third quarterGoTo, the combined entity between ride-hailing giant Gojek and e-commerce marketplace Tokopedia, went public on the Indonesia Stock Exchange last April.
"GoTo has managed to whittle down its adjusted EBITDA loss [in the fourth quarter of 2022] to 3.1 trillion rupiah, marking a 16% quarter-on-quarter uptick," said Sachin Mittal, head of telecom & internet sector research at DBS Bank. Adjusted EBITDA is a measure of profitability after removing various one-off and non-recurring items from EBITDA.
The improvement comes as GoTo's mobility services segment saw "transport fully recovered to pre-pandemic levels and showed healthy growth despite increases in fuel prices and higher tariffs," said the company, in a press release. During the earnings call Monday, GoTo Group CEO Andre Soelistyo said the company focused more on retaining the most profitable customers as these customers require less incentivization.
"This strategy enabled us to reduce incentives and product marketing in fourth quarter 2022 by 34%, or 2.8 trillion rupiah, year-on-year. We expect such savings to increase over future quarters," he said."While the reduction in losses is commendable, it falls short of the 30% improvement that Grab Holdings has achieved," said Mittal of DBS Bank, referring to GoTo's Southeast Asian ride-hailing and food delivering rival.
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