Indonesia's GoTo posts $5.8bn loss in 2023 on TikTok write-down

JAKARTA -- Indonesian superapp provider GoTo on Tuesday said it recorded a net loss of 90.5 trillion rupiah ($5.76 billion) for 2023, more than double the year before, due to a write-down related to TikTok's acquisition of a controlling stake in GoTo's e-commerce business Tokopedia.

The figure compares with a 40.4 trillion rupiah net loss the previous year, GoTo said in a news release. Revenue rose to 14.7 trillion rupiah from 11.3 trillion rupiah. The company forecasts it will break even on an adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) basis in 2024.