Downsizing seems to be the best way to rein in spiralling expenses at Indonesian tech giant GoTo, according to analysts that DealStreetAsia spoke with.
According to GoTo’s financial statement, expenses on salaries and employee benefits more than doubled to 7.41 trillion rupiah in H1 2022 from 3.64 trillion rupiah in H1 2021. Moreover, expenses on this count were high even before the company listed on the stock exchanges in April this year. They were also higher than sales and marketing, product development, general, and operational expenses.