GoTo Group is cutting 1,300 jobs, or 12 percent of its workforce, it told employees early Friday, as Indonesia the largest internet company attempts to cut costs and improve finances.
“Achieving financial independence faster has a huge cost to us because when we look closely at how we fundamentally need to change (business focus and ways of working), that includes you, the people who are the backbone of this company,” the chief wrote GoTo Group CEO Andre Soelistio 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 that right now you are filled with many emotions, pain, anger, sadness and most of all grief. I feel the same way.”
GoTo joins dozens of local and global peers in its decision to cut its workforce to deal with the economic slowdown, rising interest rates, or as the Indonesian firm described in an email on Friday, “uncertainties will remain for some time and there is not much that we can do to change that.’