Singapore's Sea Slashed 7,000 Jobs in Six Months To Curb Losses
Sea has cut 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 News reported Tuesday, citing a person familiar with the matter. From the report: Among the latest reductions is about 100 positions at Sea's e-commerce arm Shopee, and those affected started to receive notices on Monday, according to people familiar with the matter. 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 on questions about its money-making prospects in an era of rising interest rates and intensifying competition. The company has slashed jobs, shuttered its e-commerce operations in some European and Latin American markets and said it would reduce expenses to cope. Sea is scheduled to report quarterly results on Tuesday, with analysts estimating widening losses and the slowest year-on-year revenue growth since 2017.
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