Indonesian Internet Giant Bows Down To Economic Downturn, Downsizes 12% Workforce

Goto Gojek Tokopedia GTOFF slashed 1,300 jobs, or 12% of its workforce, as Indonesia's largest internet company attempts to trim costs and improve finances, TechCrunch reports.
"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," the report cited GoTo CEO Andre Soelistyo's email to staff.
Also Read: GoTo Approaches Alibaba and SoftBank To Help Salvage Stock Crash
GoTo joins scores of local and global peers in its decision to cut the workforce to navigate the economic slowdown, rising interest rates, or, as Soelistyo described in the email, "uncertainties will linger for a while, and there is not much that we can do to change that."
The report cited a GoTo spokesperson that the move is part of its growing attempts to "accelerate its progress towards becoming a truly sustainable and financially independent business, centered on its core offerings of on-demand, e-commerce, and financial technology services."
By the end of Q2, approximately Rp800 billion ($51 million) in structural cost savings had been achieved in areas such as technology, marketing, and outsourcing, the spokesperson added.