GOTO Shares Plunge to ARB, Millions of Lots Queue in Sell Orders
JAKARTA, KOMPAS.com - Shares of the technology issuer, PT GoTo Gojek Tokopedia Tbk (GOTO), collapsed to touch the auto reject lower (ARB) limit ahead of the close of the first trading session on Monday (4/5/2026). The shares reached a price of Rp 50, down 7.41 per cent from the previous position of 54.
Selling pressure was evident and dominant from the start of the session, where the price opened directly at the ARB level and was unable to move throughout the trading. The Rp 50 price is the lowest figure since GOTO conducted its IPO in 2022.
Based on order book data, sell queues (offers) piled up above the ARB price. At the Rp 51 price level alone, more than 30 million lots of shares were recorded on the offer side, followed by levels from Rp 52 to Rp 54, which were also filled with large sell queues.
In total, the sell queues reached more than 92 million lots, indicating very high supply pressure.
GoTo’s President Director, Hans Patuwo, stated that this achievement is an important milestone for the company after going through a period of business transformation.
This first-time net profit achievement in GoTo’s history is an important moment for the company.
“This reflects the hard work of the team over the years in driving revenue growth, managing costs disciplinedly, and creating real value for our customers, consumers, driver partners, and business partners,” said Hans on Tuesday (28/4/2026).
In the first three months of this year, GoTo recorded net revenue of Rp 5.3 trillion, up 26 per cent year-on-year (YoY). In the same period, GOTO’s revenue was around Rp 4.2 trillion.
From an operational profitability perspective, adjusted EBITDA increased 131 per cent YoY to Rp 907 billion, in line with the annual target range of Rp 3.2 trillion to Rp 3.4 trillion.
Performance was also supported by the main business lines. The fintech segment recorded adjusted EBITDA of Rp 364 billion, or growth of 674 per cent year-on-year.
Meanwhile, the on-demand services segment recorded adjusted EBITDA of Rp 439 billion, up 40 per cent. This performance was supported by increased use of premium services, especially from the upper-middle user segment.
From a liquidity perspective, adjusted free cash flow was recorded positive at Rp 1.3 trillion in that period.
“Our journey continues as we accelerate growth through product development tailored to customer needs, through sustainable investment in business capabilities that will help us realise this,” he explained.