GoTo Group is cutting 1,300 jobs, or 12% of its workforce, it informed staff early Friday, as Indonesia’s largest internet company attempts to trim costs and improve finances.
“Achieving financial independence more quickly has a profound cost for us, because when we take a hard look at how we fundamentally need to change (business focus and ways of working), it also includes you, the people who are the backbone of this company,” wrote GoTo Group chief executive Andre Soelistyo in an email to staff, seen by TechCrunch.
“It pains me to say that, as a result of our organizational review, we have to part ways with some of you,” he wrote. “I know you are filled with many emotions right now, pain, anger, sadness, and most of all, grief. I feel the same way.”
GoTo joins scores of local and global peers in its decision to cut workforce to navigate economic slowdown, rising interest rates, or as what the Indonesian firm described in the email Friday, “uncertainties will linger for a while, and there is not much that we can do to change that.”