PT GoTo Gojek Tokopedia (GOTO) Q3 2024 earnings summary

Executive summary

• Achieved 21% year-on-year growth in monthly transacting users and 74% year-on-year growth in core GTV, with group GTV up 37% to IDR 137.4 trillion (Rp137.4 trillion), and gross revenue up 34% to IDR 4.7 trillion (Rp4.7 trillion).

• Adjusted EBITDA turned positive at IDR 137 billion (Rp137 billion), improving by IDR 696 billion year-on-year, with net loss narrowing 58% to Rp655 billion.

• Strategic focus on mass market user acquisition, cross-selling, and cost discipline is driving growth and profitability across fintech and on-demand services.

• Significant loan growth, with consumer loans outstanding tripling year-on-year to IDR 4.3 trillion (Rp4.3 trillion), and fintech monthly transacting users up 35% to 18.8 million.

• User growth initiatives and premium offerings, including advertising, are deepening wallet share and driving top-line performance.

Financial highlights

• Group GTV reached IDR 137.4 trillion (Rp137.4 trillion), up 37% year-on-year; core GTV up 74% to IDR 72 trillion (Rp72.0 trillion).

• Gross revenues rose 34% year-on-year to IDR 4.7 trillion (Rp4.7 trillion); net revenue more than doubled to IDR 3.9 trillion (Rp3.9 trillion).

• Recurring cash fixed costs declined 3% year-on-year to IDR 1.4 trillion (Rp1.4 trillion); corporate costs down 37% to IDR 170 billion.

• Cash balance as of September 30 was IDR 21 trillion (Rp21 trillion, $1.39 billion).

• Share buyback program ongoing, with 14.1 billion shares repurchased (IDR 743 billion/Rp743 billion) and treasury share cancellation reducing Series A shares.

Outlook and guidance

• On track to achieve group adjusted EBITDA breakeven for full-year 2024; fintech segment expected to deliver positive adjusted EBITDA in Q4 2024, a year ahead of previous guidance.

• Loans outstanding in fintech projected to double by end of 2025, with continued focus on responsible growth and credit quality.

• Growth strategy focuses on expanding user base and deepening cross-ecosystem engagement, though macro headwinds and competition may temper year-on-year performance.