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Sea's Shopee Lays Off Hundreds of Employees in 3 Markets

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Lion cityer wrote a column · Sep 20, 2022 22:12
Ecommerce giant Shopee is cutting jobs in Singapore and China as well as Indonesia. 3% of workforce in Indonisia will be dismissed, while Shopee did not specify how many positions in Singapore and China would be affected.
According to a Shopee employee in Shenzhen, Guangdong Province, posting on China's job information sharing App Maimai, the company has reduced at least one business line to a third of what it was.
Shopee's parent company $Sea(SE.US)$ said last week that its management will forgo their salary and restrict company expense policies until it attains self-sufficiency. CEO Forrest Li also said that although the company has solid cash reserves, it needs to be prepared for a challenging financing environment, with a primary goal of achieving positive cash flow over the next 12 to 18 months.
To control costs and optimize operations, Shopee recently made a lot of changes. In June, Shopee also cut jobs for its international operations. The move primarily affected ShopeeFood and ShopeePay workers in several markets.
A few weeks ago Shopee shutdown local operations in Chile, Colombia and Mexico and pulled out of Argentina altogether. Garena, its gaming unit, is set to cut hundreds of jobs in Shanghai.
Sea's Shopee Lays Off Hundreds of Employees in 3 Markets
Over the past year, however, Sea's shares have plunged more than 81% as major shareholder $TENCENT(00700.HK)$ has reduced its stake in the company and the Indian market has banned Shopee and Sea's game product Free Fire over data security concerns.
mooers, do you use Shopee a lot? Are you still positive about Sea?
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Lion cityer
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