Alibaba Rival Sea To Downsize Close To 500 Workers At Shopee

Sea Limited SE is preparing to cut lesser than 500 full-time and contract workers in Shopee’s customer service team in Indonesia, Bloomberg reports citing familiar sources.
On March 7, the consumer internet company reported fourth-quarter FY22 revenue growth of 7.1% year-on-year to $3.45 billion, beating the consensus of $3.06 billion. EPS of $0.72 beat the consensus loss of $(0.79).
In December, Sea froze salary hikes for most staff and paid out lower bonuses, bracing founder Forrest Li’s warning regarding a worsening global economic environment in 2023.
The Alibaba Group Holding Limited BABA rival lost 77% of its value in 2022 as rising interest rates and intensifying competition weighed on the business.
Sea downsized 7,000 jobs, or 10% of its workforce, as it struggled with ballooning losses.
Sea also shuttered e-commerce operations in some European and Latin American markets and planned to cut expenses to cope.
Price Action: SE shares closed lower by 2.79% at $77.58 on Thursday.