Indonesia's GoTo says Q1 net loss narrowed 40% on cost cutting

Revenue more than doubled, led by fintech and e-commerce businesses

GoTo was formed in May 2021 through the merger of ride-hailing and food delivery company Gojek and local e-commerce leader Tokopedia in the largest such deal in Indonesia's corporate history. (Photo courtesy of GoTo) © GoTo group

ERWIDA MAULIA, Nikkei staff writer

April 27, 2023 20:54 JST

Updated on April 28, 2023 00:06 JST

JAKARTA -- Indonesian superapp and e-commerce platform provider GoTo's net loss narrowed 40% to 3.86 trillion rupiah ($262 million) in the first quarter from a year ago, the company announced on Thursday, expressing confidence it is making progress toward profitability.

The result was an improvement on the 6.47 trillion rupiah in red ink reported in the three months ended March last year. Its net revenue for the quarter shot up 122.6% to 3.33 trillion rupiah from a year ago.