GOTO and BUKA Have Higher Chance to Increase Profitability

The financial performance progress in the first quarter of 2024 serves as a foundation for GOTO and BUKA to accelerate their performance throughout this year. These two technology companies are increasingly closer to achieving positive adjusted EBITDA.

Annisa Kurniasari Saumi

9 Mei 2024 - 22.13
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GOTO and BUKA Have Higher Chance to Increase Profitability

Bisnis, JAKARTA — The financial reports for Q1 2024 from two major technology companies in Indonesia, PT GoTo Gojek Tokopedia Tbk. (GOTO) and PT Bukalapak.com Tbk. (BUKA), have been released. Their performance during the first three months of 2024 is noted to have shown improvement.

According to its performance report, GOTO witnessed a decline in net loss to IDR 862 billion in Q1 2024, marking a 78% reduction compared to the loss of IDR 3.86 trillion in the same period last year.

Conversely, GOTO's net income saw an uptick to IDR 4.07 trillion in Q1 2024, reflecting a 22% increase from IDR 3.33 trillion in Q1 2023. Moreover, by the end of Q1 2023, GOTO reported a noteworthy 91% surge in adjusted EBITDA to -IDR 139 billion, compared to the previous -IDR 1.59 trillion.

GOTO CEO Patrick Walujo emphasized the company's commitment to accelerating growth and making strategic investments for the future as it progresses through 2024.

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© Copyright 2024, Hak Cipta Dilindungi Undang - Undang.