By Stefanno Sulaiman
JAKARTA (Reuters) – Indonesia’s biggest tech firm GoTo slashed underlying losses in the second quarter of 2023 to 1.2 trillion rupiah ($78.25 million), down from 4.3 trillion rupiah a year earlier, helped by intense cost-cutting measures, it said on Tuesday.
The company, which offers ride-hailing, e-commerce, and financial services, aims to swing to a profit by the end of this year, it said in a statement.
Net revenues for the second quarter of 2023 rose to 3.6 trillion rupiah, up 86.7% from 2022, with the company’s overall gross transaction value for the period reaching 143.7 trillion rupiah., it said.
The company said it had slashed losses by 48% for the first half of 2023 compared to a year earlier.
(Reporting by Stefanno Sulaiman; Editing by Conor Humphries)
