GoTo's ride-hailing profit falls 25% on driver commission cap

Key facts

• The core ride-hailing and delivery business profit dropped 25% in the July-September period.
• A driver commission cap rule took effect on July 1.

Indonesia's GoTo Group announced on Thursday that its core ride-hailing and delivery business experienced a 25% decrease in profit during the July-September quarter compared to the preceding period. This downturn was primarily caused by a new regulation capping driver commissions, which was implemented on July 1. The company's fintech business, however, contributed to its overall profit during the same quarter.