Indonesia’s GoTo Group to cut 1,000 positions to reduce costs and strengthen its financial position

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GoTo Group, Indonesia’s largest internet company, plans to eliminate more than 1,000 positions in order to reduce costs and strengthen its financial position, according to people familiar with the situation.

According to the people, who asked not to be named because the discussions are private, the reduction, which equates to more than 10% of the workforce, will impact all divisions. The company’s stock increased as much as 9.6% in Jakarta, the largest intraday increase in nearly two months. GoTo joins other tech behemoths like Meta Platforms Inc. and Apple Inc. in laying off employees or putting a hold on new hires after years of heady expansion washed away by a global economic downturn. The number of job cuts in the technology sector is approaching those seen in the early stages of the Covid-19 pandemic as businesses of all sizes scale back their ambitions and prepare for a challenging future.

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Sreejit Kumar
Sreejit Kumar
Hi, I'm Sreejit Kumar, a journalist with a Master's degree in Journalism. Through my education and professional experience, I have developed a keen eye for detail and a passion for uncovering the truth. As an author for this news website, I am committed to delivering accurate, timely, and engaging stories that inform and entertain our readers.

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Indonesia’s GoTo Group to cut 1,000 positions to reduce costs and strengthen its financial position

GoTo Group, Indonesia’s largest internet company, plans to eliminate more than 1,000 positions in order to reduce costs and strengthen its financial position, according to people familiar with the situation.

According to the people, who asked not to be named because the discussions are private, the reduction, which equates to more than 10% of the workforce, will impact all divisions. The company’s stock increased as much as 9.6% in Jakarta, the largest intraday increase in nearly two months. GoTo joins other tech behemoths like Meta Platforms Inc. and Apple Inc. in laying off employees or putting a hold on new hires after years of heady expansion washed away by a global economic downturn. The number of job cuts in the technology sector is approaching those seen in the early stages of the Covid-19 pandemic as businesses of all sizes scale back their ambitions and prepare for a challenging future.

Disclaimer

We strive to uphold the highest ethical standards in all of our reporting and coverage. We StartupNews.fyi want to be transparent with our readers about any potential conflicts of interest that may arise in our work. It’s possible that some of the investors we feature may have connections to other businesses, including competitors or companies we write about. However, we want to assure our readers that this will not have any impact on the integrity or impartiality of our reporting. We are committed to delivering accurate, unbiased news and information to our audience, and we will continue to uphold our ethics and principles in all of our work. Thank you for your trust and support.

Sreejit Kumar
Sreejit Kumar
Hi, I'm Sreejit Kumar, a journalist with a Master's degree in Journalism. Through my education and professional experience, I have developed a keen eye for detail and a passion for uncovering the truth. As an author for this news website, I am committed to delivering accurate, timely, and engaging stories that inform and entertain our readers.

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