JAKARTA - Indonesia’s GoTo Group reported a net loss of 20.32 trillion rupiah (S$1.77 billion) between January and September 2022, according to financial statements published on Monday, amid a sell-off in tech stocks.

Losses widened from the same period last year, when the tech firm reported a 11.57 trillion rupiah net loss, according to the statements.

GoTo, formed by the merger of ride-hailing firm Gojek and online marketplace Tokopedia, said in a press statement following the result that it saw financial improvements in the April-June 2022 period and expected to see more over the coming quarters.

“This will be driven by improvement in take rates, further rationalization of promotion spend and the identification and retention of high-quality core users,” the company said in the statement.

In the third quarter alone, GoTo’s gross revenue was up 30 per cent from the same period last year to 5.9 trillion rupiah and its adjusted earnings before interest, taxes, depreciation, and amortisation (Ebitda) loss narrowed by 11 per cent year-on-year to 3.7 trillion rupiah.

Shares of GoTo closed at 210 rupiah per share on Monday, down 5.41 per cent in intra-day trade. The financial results were made public after market closing.

Last week, GoTo announced layoffs of 1,300 employees or 12 per cent of its total permanent workers, citing the souring global economic situation. REUTERS