Indonesia-listed tech giant PT GoTo Gojek Tokopedia Tbk (GoTo) on Thursday announced robust results for the first three months of 2023 on the back of major cost-cutting measures last year, as the company plans to double down on logistics and loans going forward.
“In the first quarter of 2023, we reached a key milestone of positive group contribution margin, while adjusted EBITDA — the proxy for operating cash flow — improved 67% year-on-year and 49% quarter-on-quarter to negative 1.6 trillion rupiah,” Andre Soelistyo, GoTo Group CEO, said during the company’s earnings call.