- Sea Limited (NYSE:SE) weighed the sale of Vancouver-based indie developer Phoenix Labs as the Southeast Asian internet giant slashed costs and focused on its core business.
- The Singapore-based gaming and e-commerce company worked with an adviser on the potential divestment, Bloomberg reports.
- Sea acquired Phoenix Labs about three years ago in a deal that valued the game developer at over $150 million.
- Sea scaled back its overseas footprint and peripheral businesses as rising competition forced the company to focus on profitability rather than expanding abroad.
- Sea faced increasing pressure to cut costs, with growth in its e-commerce and gaming business slowing, losing over $160 billion of its market value since October 2021.
- Consumers became cautious about online spending post-pandemic recovery, as rising interest rates and prices weigh on the economy.
- In December, Sea founder Forrest Li decided to freeze salaries for most staff and pay out lower bonuses, bracing for an aggravating global economic environment in 2023.
- Sea made deep job cuts in 2022.
- Price Action: SE shares traded lower by 2% at $62.72 on the last check Wednesday.
© 2025 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
