GoTo Shares Rise Amidst Laying Off 1,300 Employees
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18 November 2022 22:58 WIB
TEMPO.CO, Jakarta - Following the official announcement of a mass layoff by Indonesian tech giant GoTo (Gojek Tokopedia), the company's shares experienced an increase during the initial trading session on Friday, November 18, 2022. The GOTO shares recorded a 2.8 percent increase to a value of 220.
The strengthening continued in the second trading session as the shares were traded in the price range of 212 to 222, and finally closed at 222, Bisnis.com reported.
The number of GOTO shares traded per day reached 555.71 million shares with a value of Rp 121.01 billion. In fact, the company’s shares became one of the most traded stocks by volume during the first session after BIPI with 1.1 billion shares and PBRX 753.8 million shares. GOTO's market capitalization as of this afternoon was recorded at Rp 262.93 trillion.
As for the row of large-cap stocks, GOTO's shares were recorded to lead the increase with an appreciation of 3.74 percent. Shares of BMRI and BYAN also increased by 2.78 percent and 2.77 percent, respectively.
Earlier in the day, GoTo Gojek Tokopedia management announced that it would lay off 1,300 of its employees, which equates to 12 percent of its total employees amounting to 9,630 as of June this year.
In its official written statement, GoTo stated that the company was forced to enact the layoff, a decision which the company claimed to be the most difficult to make, to focus on aspects that are within the company's control, especially to navigate further amidst increasingly challenging global economic conditions.
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