- Sea Limited (NYSE:SE) owned e-commerce firm Shopee has dumped dozens of job offers in the past two weeks, Reuters reports.
- Shopee withdrew offers of at least four candidates just days before their joining. The candidates included a professional who had quit his TikTok parent ByteDance Ltd job.
- An analyst saw Sea's handling of the layoffs as "ugly and embarrassing" and likely to hurt its reputation.
- Shopee offered a month's salary in cases where people have flown from abroad, including reimbursement of the cost of flight tickets and temporary accommodation.
- The candidates landed in a soup as the cost of legal action was expensive, and so was the cost of returning to China and finding a new job, given the economic situation there.
- In August, Sea reported widening losses and sharply slower revenue growth in Q2.
- Sea acknowledged having canceled some offers at Shopee.
- Earlier in September, Sea slashed the workforce in its money-making gaming arm, marking its second attempt in 2022 to contain costs as it struggled for growth.
- Sea scaled back its overseas footprint and periphery businesses to focus on boosting profitability.
- Sea explored cutting headcount in its most profitable division Garena and new ventures at its R&D arm.
- Sea aimed to cut 40 jobs from its game livestream app Booyah!, including product management and quality assurance teams.
- Sea also aborted several experimental ventures at its R&D unit Sea Labs.
- Sea expected Garena to post its first booking decline this year and withdrew its 2022 e-commerce forecast. In June, Shopee downsized staff across multiple markets to rationalize its e-commerce business encompassing several Southeast Asian markets.
- Shopee's payments arm ShopeePay and food delivery business ShopeeFood also faced cuts.
- Price Action: SE shares traded lower by 1.90% at $58.79 in the premarket on the last check Tuesday.
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