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Indonesia’s tech unicorn is cutting jobs in response to inflation and economic uncertainty (GoTo photo)
“Challenging global macroeconomic conditions are having a significant impact on businesses worldwide. GoTo, like other cautious companies, is making adjustments to ensure it can weather the uncertain future ahead.“, GoTo said in a statement.
GoTo says it saved about 800 billion rupiah ($51 million) in the first half of this year through efficiency measures in technology, marketing and outsourcing.
“However, we have determined that further measures must be taken to ensure the company can overcome the challenges ahead.”, GoTo explained about the mass layoffs of employees.
GoTo, an Indonesian tech unicorn and financial services provider, went public in April with a $1.1 billion stock sale. The company is backed by SoftBank Group Corp (Japan), Alibaba Group (China) and Singapore’s sovereign wealth fund.
GoTo stock is trading 44% below its initial public offering price, as investor sentiment toward the tech sector worsens amid soaring inflation and interest rates.
GoTo reported in August that the company’s half-year net loss more than doubled, to nearly $1 billion.
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