For the 4QFY2023, GoTo recorded a net loss of IDR80.92 trillion, up 315% y-o-y compared to its loss of IDR19.50 trillion in the previous corresponding period.
Indonesian internet giant GoTo Group has reported a net loss of IDR90.52 trillion ($7.73 billion) for the FY2023 ended Dec 31, 2023, more than double the loss of IDR40.41 trillion recorded in FY2022.
This was primarily driven by an IDR78.8 trillion goodwill reversal recorded in 4QFY2023 as required by prevailing accounting standards, brought about by the Tokopedia and TikTok transaction that resulted in loss of control of Tokopedia starting Feb 1.
