Reported 3 months ago
GoTo Group has reported a significant reduction in its quarterly losses following a strategic move to sell its e-commerce branch, Tokopedia, to TikTok, enabling them to concentrate on their ride-hailing services. The company’s adjusted loss for the quarter was approximately $2.9 million, a notable improvement from last year’s pro-forma loss of about $58 million. The TikTok deal is expected to strengthen GoTo’s finances through consistent payments, contributing an additional $10 million in fees in the second quarter. Despite challenges in the market, the company is optimistic about reaching profitability by the end of the financial year.
Source: YAHOO