GoTo growth tops 50% in first report since US$1.1 bil IPO

30/5/2022 6:07:00 PM

Tech: GoTo growth tops 50% in first report since US$1.1 bil IPO - Bloomberg

Tech: GoTo growth tops 50% in first report since US$1.1 bil IPO - Bloomberg

(May 30): GoTo Group posted about 53% gross revenue growth in its first quarterly report as a public company, accelerating from the 2021 pace and highlighting the rapid expansion of Indonesia’s tech and online industries.Gross revenue advanced to 5.2 trillion rupiah (US$357 million) in the quarter though March, while net losses more than tripled to 6.47 trillion rupiah, the ride-hailing and e-commerce operator said Monday in a statement. For the calendar year 2021, the metric rose at about a

(May 30): GoTo Group posted about 53% gross revenue growth in its first quarterly report as a public company, accelerating from the 2021 pace and highlighting the rapid expansion of Indonesia’s tech and online industries.Gross revenue advanced to 5.2 trillion rupiah (US$357 million) in the quarter though March, while net losses more than tripled to 6.47 trillion rupiah, the ride-hailing and e-commerce operator said Monday in a statement. For the calendar year 2021, the metric rose at about a 44% clip on a pro-forma basis. GoTo’s quarterly adjusted loss before interest, taxes, depreciation and amortization widened to 5.4 trillion rupiah.

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A (May 30): GoTo Group posted about 53% gross revenue growth in its first quarterly report as a public company, accelerating from the 2021 pace and highlighting the rapid expansion of Indonesia’s tech and online industries.A OSLO (May 30): Norwegian Air has agreed to buy 50 Boeing 737 MAX 8 aircraft and secured options for a further 30 of the planes at an undisclosed price, the budget carrier said on Monday.for the latest news you need to know.for the latest news you need to know.

Gross revenue advanced to 5.2 trillion rupiah (US$357 million) in the quarter though March, while net losses more than tripled to 6. For Norwegian Air, the deal marks a return to aircraft ownership after it was forced to resort to leasing deals during bankruptcy proceedings that rescued the company last year.47 trillion rupiah, the ride-hailing and e-commerce operator said Monday in a statement.76million). For the calendar year 2021, the metric rose at about a 44% clip on a pro-forma basis. This entails a limited net increase of the company's current fleet," Norwegian Air said in a statement. GoTo’s quarterly adjusted loss before interest, taxes, depreciation and amortization widened to 5. Some of Kim’s timeless masterpieces in the exhibition were accompanied by enchanting light projections and performances.

4 trillion rupiah.2 million) after concluding the deal, boosting its equity. Smaller paintings such as the Golden Horse and Tree of Abundance are being showcased at the Glasshouse. GoTo is trying to convince investors of its growth prospects even as Russia’s invasion of Ukraine, soaring inflation and rising interest rates weigh on the technology industry globally. The company raised US$1. "This is a landmark deal that sets out a path whereby Norwegian Air will own a large share of its fleet," board chair Svein Harald Oeygard said.1 billion in one of the world’s largest initial public offerings for 2022, gaining funds to compete against rivals such as Grab Holdings Ltd. Click on. as online services gain steam in Southeast Asia." Norwegian Air in February told Reuters it was considering a switch to Airbus unless ongoing litigation with Boeing over previous aircraft cancellations was resolved in a timely fashion.

GoTo is the largest of a crop of companies seeking to ride the rapid pace of mobile penetration and internet use in Southeast Asia, a region of more than 650 million people. Yet Chief Executive Officer Andre Soelistyo still needs to reassure investors of the company’s earnings potential amid heavy spending to fend off competition and lure more users. It was Boeing's second major European order in recent weeks for MAX aircraft following a deal with airlines giant IAG. “Cross-selling opportunities between Indonesia’s top ride-booking (Gojek) and online-shopping (Tokopedia) platforms lessens pressure on new-user acquisition and should support long-term sales growth,” says Bloomberg Intelligence analyst Nathan Naidu. The company is the result of last year’s merger between Indonesia’s two most valuable internet startups — ride-hailing provider Gojek and e-commerce firm Tokopedia — to get more firepower against rivals in an increasingly cutthroat market. Over the years, the two amassed a long list of investors, including Google, Tencent Holdings Ltd and Sequoia Capital India.

GoTo is among Southeast Asian consumer-internet companies that are adding users at a rapid clip but have yet to generate sustainable profit. The company is enjoying a leadership position in Indonesia, a country of more than 270 million people whose mobile-savvy consumers are shopping on Tokopedia’s platform and ordering rides and food via Gojek’s app. That has helped its shares outperform those of Grab, which became a publicly traded company through a merger with a US special purpose acquisition vehicle late last year. GoTo shares have lost about 7% since its IPO, valuing the company at more than US$25 billion. Grab, down about 70% since its SPAC merger, has a market capitalization of less than US$10 billion.

Get More: Gross revenue from on-demand services, which include ride-hailing, grew 58% to 3.1 trillion rupiah in the first quarter. E-commerce gross revenue grew 53% to 1.9 trillion rupiah. Its financial technology services business grew about 41% thanks to record GoPay users and GTV volumes.

The overall first-quarter take rate increased to 3.7% from 3.5%, credited to more monetization initiatives. Total net revenue, which strips out incentives such as discounts for users, advanced 5.6% to 1.

5 trillion rupiah. GoTo’s gross transaction value, the sum of transactions flowing through its platform, grew 46% to 140 trillion rupiah. Fintech services was the biggest contributor at about 55%. In the second quarter, gross transaction value is set to increase to as much as 150 trillion rupiah, CEO Soelistyo said on a conference call. Subscribe to Mid-day email alert We deliver news to your inbox daily .