PT GoTo Gojek Tokopedia (GOTO) Q2 2024 earnings summary

Executive summary

• Achieved accelerated growth in Q2 2024, with core GTV up 54% year-on-year and group GTV up 26%, driven by a mass market strategy, product innovation, and strong performance across all business segments.

• Gross revenue increased 39% year-on-year to IDR 4.3 trillion, and net revenue more than doubled to IDR 3.5 trillion.

• Adjusted EBITDA loss narrowed by 95% year-on-year and 53% quarter-on-quarter to IDR 48 billion, on track for breakeven in 2024.

• Monthly transacting users rose 20% year-on-year, reaching the highest level since early 2023.

• E-commerce returned to growth and cash generation, supported by a partnership with TikTok.

Financial highlights

• Group GTV reached IDR 121.5 trillion ($7.4 billion), up 26% year-on-year; core GTV up 54% to IDR 63.2 trillion.

• Gross revenues increased 39% year-on-year to IDR 4.3 trillion ($260 million); net revenue more than doubled to IDR 3.5 trillion.

• Contribution margin improved 145% year-on-year to IDR 1.2 trillion (28% of gross revenue).

• Recurring cash fixed costs declined 5% year-on-year; corporate costs down 44% year-on-year.

• Cash balance as of June 30th was IDR 22 trillion ($1.34 billion).

Outlook and guidance

• Confident in achieving full-year group adjusted EBITDA breakeven, supported by disciplined cost management, seasonality, and continued revenue growth in H2 2024.

• On-Demand Services expected to maintain mid-teens year-on-year GTV growth for 2024, with profitability.

• Financial Technology unit expected to reach positive adjusted EBITDA by end of 2025, subject to macroeconomic conditions.

• Loan book growth and new product launches, including BNPL and vehicle financing, are expected to drive further expansion.