Indonesia's biggest tech company, GoTo has reported a 40% narrower quarterly loss of 3.86 trillion rupiah ($262 million) in the first quarter of 2021 than from a year ago.
The figure is an improvement over a loss of 6.6 trillion rupiahs ($448 million) reported in the first quarter of 2022 as they set on a path of profitability. Its net revenue for the quarter also shot up 122.6% to 3.33 trillion rupiah ($226 million) from a year ago.
GoTo was formed in May 2021 through the merger of ride-hailing and food delivery company Gojek and local e-commerce leader Tokopedia in the largest such deal in Indonesia's corporate history. Both were high-profile unicorns valued at more than $1 billion.
It since went public in April last year, but its financial results have been disappointing. GoTo reported a staggering net loss of 40.4 trillion rupiah ($2.7 billion) across all its main business segments in 2022, more than three times the size of its revenue of 11.3 trillion rupiah ($767 million).
GoTo, like many other tech companies, has since been reducing its spending and laying off staff this year to ride out the global economic uncertainty and push toward profitability.
In its forecast for the year, the company says it expects to finally swing to a core profit in the fourth quarter, driven by strong revenue growth and effective cost-cutting measures.