Indonesia’s ride-hailing and e-commerce company GoTo Group is racing toward profitability—but perhaps not fast enough for suddenly risk-averse investors.
GoTo, Indonesia’s largest technology company, posted an adjusted loss before interest, tax, depreciation and amortization for the fourth quarter of 3.1 trillion Indonesian rupiah, equivalent to $201.89 million. That was less than half what it lost a year earlier, mainly thanks to aggressive cost cutting and a new focus on high-quality profitable users.
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