GoTo CEO Reveals Why the Company Still Suffers Losses
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15 December 2022 20:52 WIB
TEMPO.CO, Jakarta - The financial reports of tech giant PT GoTo Gojek Tokopedia or GoTo showed that the company suffered a large net loss of Rp20.3 trillion from the beginning of the year to September 2022. This number increased from Rp11.5 trillion in the same period last year.
GoTo CEO Andre Sulistyo finally spoke up about the issue. He said that his office remains consistently focusing on two main priorities to accelerate its steps toward profitability. "Focus on high-quality growth and consistent optimization of operating expenses," he said in GoTo's official statement on Wednesday, December 14, 2022.
According to Andre, a large portion of the net loss was due to stock-based (non-cash) compensation. The stock-based compensation component is an important factor because human resources are important assets for technology companies, he explained.
He stated that GoTo applies Indonesian financial accounting standards (SAK Indonesia), in which share-based compensation is recorded more in the first year and will decrease in subsequent years.
The total of GoTo management's salary expenses for the last nine months is Rp22.9 billion. Meanwhile, GoTo management's total net revenue expense reached Rp8 trillion. But the CEO ensured that the amount of salary that must be paid by the company is still on par with similar companies.
Meanwhile, in the third quarter of 2022, GoTo recorded a net revenue growth of Rp7.96 trillion until September 2022. This increased from the same period in 2021 at Rp3.4 trillion. In the last nine months, GoTo's gross transaction value (GTV) reached Rp451.5 trillion, up 39 percent year on year (YoY). Meanwhile, GoTo's gross revenue reached Rp16.6 trillion or rose to 42 percent YoY.
Gojek's GTV value over the past nine months has reached Rp45.5 trillion, up 32 percent YoY. Gojek's gross revenue in the same period increased by Rp9.8 trillion.
Tokopedia also recorded an increase in GTV over the last nine months to Rp202.4 trillion or up to 21 percent YoY. Gross income in the same period also increased by 44 percent to Rp6.2 trillion.
Likewise, GoTo Financial recorded an increase in GTV by 84 percent to Rp261.9 trillion, and the gross revenue in the same period increased by 50 percent to Rp1.2 trillion.
Riani Sanusi Putri | Translator: Intern / Imaji Lasahido
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