GoTo, a major technology company in Indonesia, has reported its financial results for the year 2023. The company recorded a net revenue of 14.785 trillion rupees, approximately 3.415 quadrillion baht, marking a 30% increase compared to the previous year. However, it incurred a net loss of 90.519 trillion rupees due to the need to account for the goodwill impairment of 78.8 trillion rupees related to the sale of Tokopedia stock to TikTok.
Jacky Lo, the CEO of GoTo Group, stated that the company’s profitability improved in the fourth quarter of 2023. The EBITDA for the online marketplace business, similar to the e-commerce business, received additional financial support from the agreement with TikTok. It is projected that the company will achieve a positive EBITDA in 2024.
Revenue from the online marketplace business (passenger car delivery) increased by 4% to 12.109 trillion rupees. The e-commerce business saw an 11% increase to 9.123 trillion rupees, while the financial services business increased by 15% to 1.878 trillion rupees.
TLDR: GoTo, an Indonesian tech company, reported a 30% increase in net revenue for 2023 but incurred a net loss due to goodwill impairment. The CEO expects profitability to improve in 2024, with revenue growth across various business segments.
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