PT GoTo Gojek Tokopedia (GOTO) Q3 2024 earnings summary

Executive summary

• Achieved strong Q3 2024 performance with accelerating business momentum, ecosystem-driven growth, and improved cost discipline.

• Core GTV rose 74% year-on-year to IDR 72 trillion, with group GTV up 37% to IDR 137.4 trillion.

• Gross revenue increased 34% year-on-year to IDR 4.7 trillion, and net revenue more than doubled to IDR 3.9 trillion.

• Adjusted EBITDA turned positive at IDR 137 billion, a turnaround from a loss of IDR 559 billion last year.

• Monthly transacting users grew 21% year-on-year, with significant loan growth and increased consumer lending penetration.

Financial highlights

• Group GTV reached IDR 137.4 trillion, up 37% year-on-year; Core GTV up 74% to IDR 72 trillion.

• Gross revenues increased 34% year-on-year to IDR 4.7 trillion; net revenue surged 106% to IDR 3.9 trillion.

• Recurring cash fixed costs declined 3% year-on-year to IDR 1.4 trillion; corporate cash costs fell 37%.

• Cash balance as of September 30 was IDR 21 trillion (US$1.39B).

• Share buyback program repurchased 14.1B shares for IDR 743B (US$49M) by September 2024.

Outlook and guidance

• On track to achieve group adjusted EBITDA breakeven for full-year 2024.

• Fintech segment expected to reach positive adjusted EBITDA in Q4 2024, a year ahead of previous guidance.

• Loans outstanding in fintech expected to double by end of 2025.

• Growth strategy focuses on expanding user base and deepening cross-ecosystem engagement.

• Guidance based on current market conditions, with risks from competition and inflation.