GoTo Slump Continues After Executives Fail to Convince Investors
- Investor meeting leaves internet firm’s shareholders skeptical
- Company has cash for six quarters, advisory firm says
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GoTo Group shares continued their plunge after executives failed to assuage investor concerns about the unprofitable Indonesian internet company’s prospects.
The stock fell for a 15th straight day, hurt by the expiry of a lockup on its major shareholders’ stakes that freed them to reduce their holdings. Management held a meeting with investors on Thursday in which it said it has enough funds to last until it reaches profitability and that it’s considering asset sales — comments that did little to halt the stock’s slide.