In a statement, the tech giant cited “challenging macroeconomic conditions” as the reason for the cuts, adding that it must make adjustments in order to move forward in the current market.

The statement by the company continued that it must “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.”

In April, the firm listed on the Indonesian Stock Exchange, and there was headwind of a possible 10% cuts in staff just last week. The tech group reported that it reached nearly 800 billion IDR (equivalent to $50.9 billion) in structural cost savings in areas such as technology, marketing, and outsourcing.

GoTo is not the first Southeast Asian ecommerce company to face losses, as large firms such as Shopee and Foodpanda have also cut jobs amid unstable economic conditions.

Earlier this year, the Goto Group partnered with Google Cloud to power its next stage of growth.