Indonesia's GoTo Posts Rare Profit After Brutal Cost Cuts Bite.

Indonesia's GoTo Group has reported a quarterly profit after implementing significant cost-cutting measures, demonstrating its ability to generate revenue. Despite facing tough competition from Grab Holdings Ltd., GoTo posted a 137 billion rupiah ($8.7 million) adjusted earnings before interest, taxes, depreciation, and amortization for the third quarter. The company has made strategic moves such as relinquishing control of its e-commerce arm to TikTok and exiting operations in Vietnam to focus on profitability in Indonesia and Singapore. While GoTo has not yet achieved positive net income, it is making progress towards breaking even and exploring potential mergers to strengthen its position in the market. [Extracted from the article]