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.