Indonesia’s GoTo Narrows Quarterly Net Loss by 40% Via Cutting Costs

(Nikkei Asia) — Indonesian superapp and e-commerce platform provider GoTo’s net loss narrowed 40% to 3.86 trillion rupiah ($262 million) in the first quarter from a year ago, the company announced on Thursday, expressing confidence it is making progress toward profitability.

The result was an improvement on the 6.47 trillion rupiah in red ink reported in the three months ended March last year. Its net revenue for the quarter shot up 122.6% to 3.33 trillion rupiah from a year ago.