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Stocks of Indonesia’s GoTo surge 5% as it says profit targets will be met ahead of time

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Indonesian giant GoTo Group jumped about 5% on Friday as the Gojek-Tokopedia entity said it will hit its profitability targets earlier than expected.

GoTo, which is made up of ride-hailing giant Gojek and e-commerce marketplace Tokopedia, went public in April last year.that adjusted earnings before interest, taxes, depreciation and amortization will likely "become positive within the fourth quarter of 2023."Last week, the company announced a new leadership structure as it drives towards profitability.

"Over the past year, we have been implementing a plan designed to accelerate our profitability, based on revenue optimization, cost management, as well as ecosystem product growth," said Andre Soelistyo, GoTo Group CEO, as he shared the company's accelerated profitability strategy during a townhall meeting.

 

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Exciting news for Indonesia's GoTo Group as it's on track to meet profitability targets ahead of schedule. With an accelerated strategy focused on revenue optimization and cost management, the tech giant saw a 5% surge in shares.

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