Dinamika Trade-off Pertumbuhan dan Profitabilitas Perusahaan Platform Digital Pasca-IPO

Abstract

Purpose – This study aims to analyze the growth–profitability trade-off in the post-IPO financial performance of PT GoTo Gojek Tokopedia Tbk during the period 2022–2024.

Methodology – This research employs a descriptive quantitative approach with time-series analysis, using secondary data derived from the company's consolidated annual reports. Growth is measured through revenue and revenue growth, while profitability is assessed using Net Profit Margin (NPM), Return on Assets (ROA), Return on Equity (ROE), and Adjusted EBITDA.

Findings – The findings reveal that revenue grew consistently from Rp11.3 trillion (2022) to Rp15.9 trillion (2024), while revenue growth decelerated from 120.1% to 7.5% over the same period. Profitability indicators remained negative throughout 2022–2023, yet demonstrated significant improvement in 2024, marked by the first positive Adjusted EBITDA of Rp0.39 trillion. The analysis identifies a dynamic, three-phase trade-off pattern: a sacrifice phase (2022), a cleansing phase (2023), and a harvesting phase (2024).

Originality/Novelty – This study introduces a three-phase analytical framework (sacrifice–cleansing–harvesting) as a novel approach to mapping the dynamics of the growth–profitability trade-off in post-IPO digital platform companies. Unlike prior studies that generally compare pre- and post-IPO financial performance in aggregate terms, this research explicitly identifies the distinct character of each phase and explains why the relationship between growth and profitability is non-linear, temporal, and convergent—rather than a static, mutually exclusive condition.

Implications – These findings confirm that the relationship between growth and profitability is non-linear and phase-dependent, consistent with Kenney and Zysman's (2020) platform economy proposition, and indicate that GoTo is transitioning toward sustainable profitability.