Indonesia's GoTo posts $53m loss in Q1, an improvement of 78%

JAKARTA -- Indonesian superapp provider GoTo said on Monday that it posted an 861 billion rupiah ($53 million) net loss in the January-March period, a reduction of 78% from the same period in 2023.

GoTo said in a financial statement that its revenue for the first quarter rose by 22% from a year ago to 4.07 trillion rupiah. The company, which went public in April 2022, recorded a 3.86 trillion rupiah net loss in the first quarter of 2023.