Net revenue for 3QFY2023 at IDR3.6 trillion declined by 21% y-o-y due to a catch up adjustment for the first half of 2022 of IDR1.5 trillion, which was recorded in 3QFY2022 to reflect the impact of changes in the estimation process used to allocate incentives to corresponding revenue from customers, as reported last year.
Indonesian internet giant GoTo has reported a net loss of IDR2.38 trillion ($205 million) in its 3QFY2023 ended September, 65% lower than the loss recorded in the previous corresponding quarter at IDR6.74 trillion.
This is driven by consistent improvements in monetisation as well as a reduction in incentives and product marketing spend of 36% y-o-y, reflecting a quarterly savings of IDR2.1 trillion, the company said in a filing.
