This Alibaba Competitor Undertakes Aggressive Job Cuts Across Multiple Southeast Asian Markets

  • Sea Limited's SE e-commerce arm Shopee laid off staff across multiple markets, DealStreetAsia reports.
  • The layoffs to rationalize its e-commerce business encompassed several Southeast Asian markets, including Indonesia, Thailand, and Vietnam. 
  • Shopee's payments arm ShopeePay and food delivery business ShopeeFood also faced cuts. 
  • The competitor of the Alibaba Group Holding Limited BABA hosted a general meeting on June 13 to address the job cuts with Shopee employees.
  • The curtail affected almost half of Shopee Thailand's payment and food delivery teams, the report added.
  • The company emailed staff members to return home and await further notice of termination.
  • Shopee has stopped hiring and retracted several job offers for regional roles.
  • Sea Group's reported first-quarter 2022 revenue growth of 64.4% year-on-year to $2.9 billion. The gross profit jumped 81.3% Y/Y to $1.2 billion. Shopee saw a 71.3% Y/Y growth in orders to $1.9 billion, while gross merchandise value rose 38.7% Y/Y to $17.4 billion.
  • However, Shopee continues to battle multiple macro headwinds, including rising inflation and interest rates, likely to affect the retail and consumption sectors.
  • The report added that Shopee also appears to be facing setbacks on some of its ambitious overseas expansion plans, including in Europe and Latin America. Shopee, which has operations in Poland and Spain, decided to pull out of France after only five months as it failed to accomplish expectations.
  • Price Action: SE shares traded higher by 0.61% at $71.05 in the premarket on the last check Tuesday.

Posted In: BriefsNewsTechMedia

Ad Disclosure: The rate information is obtained by Bankrate from the listed institutions. Bankrate cannot guaranty the accuracy or availability of any rates shown above. Institutions may have different rates on their own websites than those posted on The listings that appear on this page are from companies from which this website receives compensation, which may impact how, where, and in what order products appear. This table does not include all companies or all available products.

All rates are subject to change without notice and may vary depending on location. These quotes are from banks, thrifts, and credit unions, some of whom have paid for a link to their own Web site where you can find additional information. Those with a paid link are our Advertisers. Those without a paid link are listings we obtain to improve the consumer shopping experience and are not Advertisers. To receive the rate from an Advertiser, please identify yourself as a Bankrate customer. Bank and thrift deposits are insured by the Federal Deposit Insurance Corp. Credit union deposits are insured by the National Credit Union Administration.

Consumer Satisfaction: Bankrate attempts to verify the accuracy and availability of its Advertisers' terms through its quality assurance process and requires Advertisers to agree to our Terms and Conditions and to adhere to our Quality Control Program. If you believe that you have received an inaccurate quote or are otherwise not satisfied with the services provided to you by the institution you choose, please click here.

Rate collection and criteria: Click here for more information on rate collection and criteria.