Heaptalk, Jakarta — PT GoTo Gojek Tokopedia announced has successfully reducing its Adjusted EBITDA loss by 89% YoY to USD6.2 million in its first quarter (Q1) 2024.
“In the first quarter, we continued to experience robust top-line growth. At the same time, GoTo’s adjusted EBITDA remained in line with our plan, putting us on track to meet our target to maintain adjusted EBITDA profitability for the full year of 2024.” GoTo’s Group’s CFO, Jacky Lo, comments on the group’s financial performance.
As cited in its Q1 report in 2024, Group GTV also increased by 20%, attaining USD7.1, while Group core GTV, which excludes merchant payment gateway, grew by 32% YoY to USD3.3 billion. Moreover, the group obtained gross revenue by 18% YoY to USD258 million. The Group revealed that user growth, BNPL in e-commerce, and accelerated integration and payment adoption associated with TikTok significantly contributed to these results.
In this quarter, GoTo Group incentive and product market spending also decreased by 31% YoY, recurring cash fixed costs diminished by 25% YoY, and reported recurring cash corporate costs declined by 30% YoY. This giant digital ecosystem also maintains a solid cash position and balance sheet by possessing USD1.5 billion in cash, cash equivalents, and short-term time deposits. This balance has not changed since the deconsolidation of Tokopedia on February 1st, 2024.
“Last year, we built a solid foundation and began implementing a growth strategy centered on expanding our user base, increasing customer wallet share, reducing operating costs, and strengthening our partnership with TikTok. In the first quarter, we expedited this strategy as we reinvested in our products, yielding results in March and April. We expect even faster growth for the rest of the year while remaining committed to our profitability goals,” GoTo Group’s CEO, Patrick Walujo, said.
As is known, GoTo closed its lengthy deal with TikTok to combine Tokopedia and TikTok’s e-commerce businesses under the PT Tokopedia entity. The Group has deconsolidated Tokopedia effective in early February 2024.
In 2024 business performance, GoTo expects to capture additional growth in broad user demographics in its core on-demand services and financial technology segments more cost-effectively across the expansive Indonesian market, by leveraging its unique ecosystem that spans the full range of consumer spending. Under this plan and investments in the group ongoing enhancement, particularly in its fast-growing fintech business, the company expects full-year 2024 Group Adjusted EBITDA to breakeven.
