This Alibaba Competitor Eliminated 7K Jobs As Macro Slowdown Weighs On Business

This Alibaba Competitor Eliminated 7K Jobs As Macro Slowdown Weighs On Business
  • Sea Limited SE slashed about 7,000 jobs, or roughly 10% of its workforce, in the past six months as it fights to stem ballooning losses and win back investors, Bloomberg reported.
  • Among the latest reductions is about 100 positions at Sea's e-commerce arm Shopee, and those affected started to receive notices on Monday. 
  • The newest cuts are a part of several waves of layoffs since June.
  • The gaming and online retail giant has lost almost 90% of its value since a peak last year in an era of rising interest rates and intensifying competition
  • Also Read: Amazon Prepares For Mass Layoffs, After Twitter and Meta
  • Sea slashed jobs, shuttered its e-commerce operations in some European and Latin American markets, and said it would reduce expenses to cope.
  • The latest cuts span recruitment, employee relationship management, training, and other human resources function in Singapore and China.
  • Affected staff includes those supporting hiring and training across Shopee and its digital financial services arm SeaMoney, which oversees the payment product ShopeePay. 
  • Sea told its managers to recruit more prudently as the company braces for an economic downturn.
  • The company ended 2021 with more than 67,000 people overall.
  • In September, co-founder Forrest Li announced in an internal memo that top management would forgo their salaries and tighten company expense policies as it attempts to curb spending.

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