(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.
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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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