Indonesia’s biggest Internet company, GoTo has cut 1,300 jobs, or 12 percent of its workforce, citing efforts to reduce costs and improve finances.

According to TechCrunch, GoTo joins scores of local and global peers in its decision to cut the workforce to navigate the economic slowdown and rising interest rates.

“Achieving financial independence more quickly has a profound cost for us, because when we take a hard look at how we fundamentally need to change (business focus and ways of working), it also includes you, the people who are the backbone of this company,” GoTo Group chief executive Andre Soelistyo was quoted as saying.

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“It pains me to say that, as a result of our organisational review, we have to part ways with some of you. I know you are filled with many emotions right now, pain, anger, sadness, and most of all, grief. I feel the same way,” he added.

A GoTo spokesperson said that the move is part of its growing attempts to “accelerate its progress towards becoming a truly sustainable and financially independent business, centred on its core offerings of on-demand, e-commerce, and financial technology services,” according to the report.

“GoTo has been making steady progress in this area underpinned by its strategic focus on high-quality cross-platform users, reduced incentive spending, and driving deeper synergies across its ecosystem,” the spokesperson added.

In addition to the recent layoffs announced by Facebook owner Meta and Twitter, other companies such as Netflix, Salesforce, Spotify, Tencent, and others have cut tens of thousands of jobs in recent months.

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