You know what season it is. Yup, quarterly reports season! And here, we're diving into Indonesia's GoTo Group's Q3 2022 report.

• Not-so-pretty context. Last week, they just announced they were laying off 1,300 people (12% of their workforce).

🫢 The status quo?

They've focused on cost-cutting to ride out the messy markets.

In Q3, they reduced incentives, stopped spending on promotions for unprofitable users, decreased product marketing spend and continued to develop their program for structural cost savings.

🤔 How it's going

Revenue has grown! Revenue jumped 30% to 5.9T IDR ($375M) as compared to the same period last year.

• Why? Increasing take rates (fees) in their e-commerce and on-demand services.
  

Less losses. Their adjusted EBITDA reached -3.71T IDR (-$236M) in Q3 2022 as compared to -4.18T IDR (-$266M) last year.

• While their operating loss increased by 19% as compared to last year, their operating loss decreased by 10% quarter-on-quarter.
  

Got those savings. They hit cost savings of 269B IDR ($17M) year-to-date!

🚀 Look into the future

Like all of us, we still have hope for the end of the year. GoTo's the same! They've set a few targets for the full year 2022.

• GTV at around 613T–619T IDR ($39B–$38.4B).
• Gross revenue at 22.6T IDR–23T IDR ($1.4B–$1.5B).