Indonesia's GoTo extends net loss to $1.29bn in Jan.-Sept. period

Merged tech company turns to job cuts as profitability remains elusive

GoTo has turned to job cuts as it needs to manage costs and make sure its business remains "agile," it said. (Photo courtesy of GoTo)

NANA SHIBATA, Nikkei staff writer

November 21, 2022 19:59 JST

Updated on November 21, 2022 23:33 JST

JAKARTA -- Indonesian tech giant GoTo said on Monday it recorded a net loss of 20.3 trillion rupiah ($1.29 billion) for the first nine months of this year, widening by 75% from the same period in 2021, as the company continues struggling to turn a profit.

GoTo, which went public in April, also said in a financial statement that revenue for the first three quarters through the end of September more than doubled to 7.9 trillion rupiah from the same period last year.