Indonesia’s tech giant GoTo reports significant drop in Q3 underlying losses

Indonesia’s biggest tech firm PT GoTo Gojek Tokopedia, popularly known as GoTo reported 942 billion rupiah ($59.30 million) in underlying losses for the third quarter, a significant drop from last year’s 3.7 trillion rupiah, the company said on Monday.

The results came after the company reached a positive contribution margin since the beginning of this year amid cost-cutting measures.