TIME.CO, Jakarta – Financial report of PT Go to gojek Tokopedia Tbk. as of Q3 2022, the company’s loss value increased by 75.49% to IDR 20.32 trillion compared to the same period last year. As of 30 September 2022, the loss of the company’s GOTO coded shares attributable to the owners of the parent company has skyrocketed compared to the same period in 2021, which amounted to IDR 11.57 trillion.
GOTO’s charge for the third quarter of this year reached IDR 30.72 trillion. This figure is up 86.78% from a position of Rp. 16.44 trillion in the same period of 2021. The increase in expenses and losses is due to the merger between Gojek and Tokopedia, which was registered only this year.
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GoTo Group chief financial officer Jacky Lo said his party continues to apply the precautionary principle which focuses on optimizing operating expenses. Especially in the midst of the current economic conditions, there are increases in inflation, interest rates, fuel oil (BBM) and energy prices.
GoTo reduces purchases
Jacky explained that throughout the third quarter of this year, GoTo reduced incentive spend, removed promotional spend for inactive consumer groups, and continued to reduce marketing spend, and continued to optimize costs. “To support the fundamentals of the company,” he said in a written statement on Monday, Nov. 21, 2022.
GoTo, Jacky said, is also encouraging consumers to join the GoPay Coins ecosystem. This feature, available since June 2022, is touted as an effort to reduce the burden on the company and is said to have shown positive results with 21% of users using GoPay Coins for transactions.
Additionally, Jacky also said that using GoPay Coins increased cross-platform customer acquisition by up to 2.3x. This feature has also reduced customer acquisition costs by 20% compared to incentives that can only be used on one platform.
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