Around 12% of GoTo Group's total workforce is being laid off.
GoTo is the merged entity of two companies.
Approximately 12% of the company's employees will be affected by a reduction in staffing levels.
According to previous reports by local and foreign media, GoTo was planning to cut 10% of its workforce due to the economic downturn.
The company is making adjustments to ensure it can navigate the uncertain road that lies ahead because of the challenging global macroeconomic conditions.
GoTo needs 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.
Sea LIMITED cited rising interest rates and global inflation rates impacting its business while Grab said it is monitoring macro uncertainties and has begun cost reductions
Over the past six months, there have been reports of more than 7,000 employees being laid off from SeaLimited.
GoTo is one of the companies that laid off workers this year.
F oodpanda, Carsome and Propzy confirmed to media outlets that they retrenched some workers. Propzy let go of as many as half of its employees.
Around 800 billion Indonesian rupiah in structural cost savings had been achieved by the end of the second quarter. It is equivalent to about $50.9billion.
The company needs to focus on matters that are under the control of the company.
The retrenchment plan will not be detrimental to the business continuity of the firm, and willstitute a strategic effort to ensure it can continue to make a positive impact for millions of consumers, driver-partners and merchants.
GoTo's shares were up 2.8% on Friday. Year-to-date, the stock has plummeted.
GoTo's third-quarter earnings are scheduled to be announced on Monday.
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