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Sea Ltd laid off 10% of workforce over past six months: The Information

Singapore-based Sea Ltd has laid off more than 7,000 employees, or around 10 per cent of its workforce, over the past six months, the Information reported on Monday, citing two people with knowledge of the matter.

This comes at a time when most companies are making deep cuts to its employee base as part of its restructuring efforts to navigate a potential downturn in the economy.

The South Asian e-commerce and gaming firm, which withdrew its e-commerce revenue forecast for the year in August, did not immediately respond to a Reuters request for comment.

In September, Bloomberg reported that Sea prepared to lay off 3 per cent of employees at its e-commerce arm Shopee in Indonesia, part of a broader wave of regional job cuts intended to curb ballooning losses.

Earlier that month, a Reuters report citing sources also said Shopee would exit Argentina and shut local operations in Chile, Colombia and Mexico while its Garena gaming unit would lay off hundreds of staff in Shanghai.

The New York Times on Monday reported that Inc is planning to lay off about 10,000 employees in corporate and technology jobs starting as soon as this week.

U.S.- listed shares of Sea were trading down nearly 8 per cent.



Source: Reuters


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