Indonesia's largest internet company GoTo Group joins the wave of tech layoffs as it plans to cut more than 1,000 jobs, in a bid to cut costs and shore up its finances, Bloomberg reported, citing people familiar with the matter.

The job cuts which represent about 10% of its workforce is said to affect all its divisions.

GoTo, which provide essential IT management and support features like remote access, and conversational ticketing among other services, was formed via a merger deal between ride-hailing provider, Gojek and e-commerce firm, Tokopedia and currently employs nearly 10,000 employees.

The Jakarta-based company, with operations in Singapore and Vietnam, may announce the cuts to its employees in the coming weeks. “GoTo is initiating the staff cuts as it prepares to unveil quarterly results on November 21,” Bloomberg reported.

The company which recorded a $954.85 million net loss in the first half of this year, more than double in the same period in 2021, has said, it'll remain watchful of the market and macro conditions, as 2022 continues to be a volatile year.