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Sea LimitedSE 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 LimitedBABA 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.
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