Indonesia’s biggest tech firm PT GoTo Gojek Tokopedia said on Thursday that adjusted EBITDA is expected to turn positive in the last quarter of 2023 due to its cost management measures.
GoTo also said its group contribution margin will turn positive this quarter, four quarters earlier than previous guidance.
“Over the past year, we have been implementing a plan designed to accelerate our profitability, based on revenue optimisation, cost management, as well as ecosystem product growth,” GoTo Group CEO Andre Soelistyo said in a statement.
GoTo said in November that it was laying off 1,300 workers, or 12 per cent of its workforce, as a wave of technology firms retrenched after years of rapid hiring due to the uncertain economic outlook.
The company, which offers ride-hailing, e-commerce and financial services, went public last April with a $1.1 billion stock sale.
GoTo said gross transaction value (GTV) in the last quarter of 2022 stood at US$10.69 billion, up by 18 per cent annually.
GTV for the full 2022 year was $40 billion, up by a third from the previous year on a proforma basis.
GoTo said, without giving further details, that gross revenue in both the fourth quarter and full year was at the upper end of guidance.
The group will announce full fourth quarter and full year results in March.
- Reporting by Stefanno Sulaiman; Editing by Kirsten Donovan, of Reuters.