Shares of Indonesia's GoTo fall more than 4% as 2022 loss swells to $2.6 billion
Publishing timestamp: 2023-03-21 02:13:12
Summary
Indonesian tech giant GoTo Group's annual net loss for 2022 widened, causing its shares to fall. While the company's adjusted EBITDA loss improved in the fourth quarter of 2022, it still lags behind its peers such as Grab and Sea Limited. GoTo has been struggling to be profitable and has promised further cost cuts to drive business towards profitability. The company expects to turn operationally profitable within the fourth quarter of 2023, but also expects an adjusted EBITDA loss for the full year 2023.
Sentiment: NEGATIVE
Keywords: technology, sea ltd, internet, grab holdings ltd, asia economy, earnings, jobs, business news,