GoTo joins tech giants from Apple to Meta Platforms in trimming staff or slowing hiring as companies curtail ambitions and brace for tough times ahead. Job cuts in the industry are nearing levels seen in the early stages of the Covid-19 pandemic, as tech companies across the globe confront the effects of a deteriorating economic climate and a heightened investor focus on profitability. Sea, Southeast Asia’s largest tech company, cut about 7,000 jobs in the past six months, according to a person familiar with the matter.
Indonesia’s largest internet company GoTo Group will cut 1,300 jobs as it seeks to curtail expenses and assuage investor concerns over mounting losses.
The cuts amount to about 12% of the workforce, the company said in a statement Friday. The ride-hailing, e-commerce and fintech company will begin notifying affected employees right away.
