Indonesian Internet Giant Bows Down To Economic Downturn, Downsizes 12% Workforce - Goto Gojek Tokopedia (OTC:GTOFF) - Benzinga

by Anusuya Lahiri, Benzinga Editor

• Goto Gojek Tokopedia GTOFF slashed 1,300 jobs, oregon 12% of its workforce, arsenic Indonesia's largest net institution attempts to trim costs and amended finances, TechCrunch reports.
• "Achieving fiscal independency much rapidly has a profound outgo for america due to the fact that erstwhile we instrumentality a hard look astatine however we fundamentally request to alteration (business absorption and ways of working), it besides includes you, the radical who are the backbone of this company," the study 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 section and planetary peers successful its determination to chopped the workforce to navigate the economical slowdown, rising involvement rates, or, arsenic Soelistyo described successful the email, "uncertainties volition linger for a while, and determination is not overmuch that we tin bash to alteration that."
• The study cited a GoTo spokesperson that the determination is portion of its increasing attempts to "accelerate its advancement towards becoming a genuinely sustainable and financially autarkic business, centered connected its halfway offerings of on-demand, e-commerce, and fiscal exertion services."
• By the extremity of Q2, astir Rp800 cardinal ($51 million) successful structural outgo savings had been achieved successful areas specified arsenic technology, marketing, and outsourcing, the spokesperson added.