GoTo To Cut 600 More Jobs As Southeast Asia Tech Firms Retrench
Indonesia’s GoTo Group is reducing 600 more jobs, accelerating its cuts in Southeast Asia as growth in the region’s internet markets slows.
(Bloomberg) -- Indonesia’s GoTo Group is reducing 600 more jobs, accelerating its cuts in Southeast Asia as growth in the region’s internet markets slows.
The reductions are part of a shake-up that will include a merging of certain units and a winddown of parts of the Mitra Tokopedia business, which works with small vendors in Indonesia, GoTo said in a statement Friday.
GoTo and regional peers Grab Holdings Ltd. and Sea Ltd. are trying to convince investors of their long-term prospects in the face of a possible recession. Jakarta-based GoTo, which for years enjoyed rapid growth, had already cut 12% of its workforce as layoffs rocked tech firms around the world. Singapore’s Sea is eliminating hundreds of jobs, adding to thousands of firings made last year.
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