10% of the workforce at Singapore-based Sea Ltd was let go in the last six months, according to a report
- ByStartupStory | November 15, 2022
Over the past six months, Singapore-based Sea Ltd SE.N has let go of more than 7,000 employees, or around 10% of its workforce, according to a story published on Monday by the Information, which cited two people with knowledge of the situation. This occurs at a time when the majority of businesses are drastically reducing their personnel bases as part of their restructuring efforts to prepare for a probable economic crisis. The South Asian e-commerce and gaming company did not immediately react to a request for comment from Reuters after withdrawing its year e-commerce revenue prediction in August.
According to a September story, Sea was preparing to fire 3% of its Shopee staff in Indonesia as part of a larger wave of regional employment layoffs aimed at managing soaring losses.
A Reuters article from earlier that month quoting sources also stated that Shopee will leave Argentina and close local operations in Chile, Colombia, and Mexico while its Garena gaming division would fire hundreds of employees in Shanghai. According to an article, Amazon.com Inc. AMZN.O is preparing to fire about 10,000 workers from corporate and technology positions as early as this week. Sea’s U.S.-listed shares were trading at a loss of almost 8%.
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