GoTo Preps First-Ever Buyback After Selling E-Commerce to TikTok
- It reported its first quarterly profit on an adjusted basis
- Net loss widened after accounting for goodwill in TikTok deal
A Gojek driver in Jakarta.
Photographer: Dimas Ardian/BloombergThis article is for subscribers only.
GoTo Group plans to buy back as much as $200 million of stock after recording its first-ever profit on an adjusted basis, hoping to stoke investor confidence even as its growth slows.
The Jakarta-based company, which competes with Singapore’s Grab Holdings Ltd. in ride-hailing and food delivery, reported 77 billion rupiah ($5 million) in adjusted earnings before interest, taxes, depreciation and amortization for the fourth quarter. This compares with an adjusted loss of 3.1 trillion rupiah a year earlier.