Alibaba Rival Sea Assumes Harsher Measures To Beat Macro Slowdown

Sea Limited SE froze salary hikes for most staff and paid out lower bonuses this year, bracing founder Forrest Li's warning regarding a worsening global economic environment in 2023.
The CEO discussed the need to focus on profitability after a problematic 2022 in an internal memo, Bloomberg reports.
Li warned against the war in Ukraine and global inflation leading to an even more challenging 2023.
Sea dodged salary hikes for staff who missed their promotions.
The gaming and online retail giant lost 77% of its value this year 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 and winning back investors.
Sea also shuttered e-commerce operations in some European and Latin American markets and planned to cut expenses to cope.
In November, Sea disclosed a smaller-than-expected quarterly loss, spurring hopes that measures to curtail expenses will help it accomplish profitability in the face of slower growth.
"I know such news can be hard to bear, especially around the holiday season," Li wrote. "These are temporary but necessary measures to help us build toward a bigger, brighter future."
In September, Sea's top management agreed to forgo their salaries and tighten company expense policies amid the economic slowdown.
The leadership team decided to forego cash compensation until the company reached self-sufficiency.
Price Action: SE shares traded lower by 5.63% at $49.52 on the last check Thursday.

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