GoTo's 1,300 Employees See Stock Rise 2.8% in First Session

PT GoTo Gojek Tokopedia Tbk (GOTO) share price surged 2.8% or 6 points to Rp 220 at the close of the first trading session on Friday (November 18th). This share price movement occurred shortly after GoTo confirmed it would be cutting 1,300 employees in the near future.

Based on data from the Indonesia Stock Exchange (IDX), the stock opened in the green at Rp 216, up from yesterday's closing price of Rp 214. The stock was traded in the range of Rp 212 - Rp 222. The volume of shares traded until the first session today was recorded at 555.7 million shares, with a transaction value of Rp 121 billion, and a trading frequency of 10,625 times. Currently, GoTo's market capitalization stands at Rp 250.56 trillion.

The number of employees affected by the layoffs represents 12% of GoTo's total workforce. These reductions will also impact all divisions.

Gojek's Vice President of Corporate Communication, Audrey Petriny, said the company had to make difficult decisions amid the current macroeconomic conditions.

"Global macroeconomic challenges have a significant impact on businesses worldwide. GoTo, like other large companies, needs to adapt to ensure the Company's readiness to face future challenges," said Audrey on Friday (November 18th).

Therefore, the company must accelerate its efforts to become financially independent and sustainably grow in the long term. This is done, among other things, by focusing on core services, namely on-demand, e-commerce, and financial technology.

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