JAKARTA - PT GoTo Gojek Tokopedia Tbk (GOTO), the managing company of Gojek platform, reported the most significant drop amongst two of its competitors in e-commerce application industry. This downtrend is in line with its declining performance in Q1 2024 from the same period in 2023.

Based on IDNFinancials data today (13/6), GOTO’s shares were reported dropping 537.73% to IDR 53 per share at this afternoon’s session compared to its initial public offering (IPO) price level of IDR 388 per share. Its market cap dropped far down to IDR 63.67 trillion from IDR 400.31 trillion.

The issuer reported loss of IDR 861.91 billion as of Q1 2024, much lower than IDR 3.86 trillion seen in the same period in 2023.

On the other hand, PT Bukalapak.com Tbk’s (BUKA) price was reported down 85.76% to IDR 121 per share from IPO price of IDR 850 per share. Its market cap also slipped far to IDR 12.37 trillion from IDR 87.60 trillion.

In Q1 2024, BUKA reported revenue of IDR 1.16 trillion, increasing from the same period in 2023 of IDR 1 trillion. The current year’s loss also improved to IDR 39.36 billion from the loss of IDR 1 trillion seen in Q1 2023.

Meanwhile, PT Global Digital Niaga Tbk (BELI), the managing company of Blibli, reported 3.55% jump to IDR 466 per share from IPO price of IDR 450 per share. Its market cap slightly climbed to IDR 57.41 trillion from IDR 53.31 trillion.

The revenue of BELI in Q1 2024 reached IDR 3.92 trillion, up from IDR 3.82 trillion in Q1 2023. The loss also improved to IDR 696.5 billion from IDR 883.59 billion. (LK/ZH)