Indonesia-listed technology major PT GoTo Gojek Tokopedia (GoTo) reported widening losses in the first half of 2022, despite a 45% year-on-year growth in gross revenue in the period.
GoTo’s losses in the January-June period of 2022 stood at 13.64 trillion rupiah ($920 million), widening around 117% from 6.28 trillion rupiah in the corresponding period last year.
Its gross revenue stood at 10.73 trillion rupiah in the first six months of 2022, up around 45% from 7.2 trillion rupiah a year ago.
Gross transaction value (GTV) reached 290.53 trillion rupiah in the first half of 2022, compared with 204.25 trillion rupiah in the same period last year.
For the third quarter of 2022 (July-September 2022), the company forecasts that gross revenue will be 5.7-6 trillion rupiah, while GTV will reach 151-156 trillion rupiah in the period.
Convertible bonds
Meanwhile, Reuters reported on Tuesday, citing sources, that GoTo is looking to raise about $1 billion through a convertible bond issue.