Home News Tech

Sea cuts jobs in shopping, food in first major downsizing

Bloomberg
Bloomberg6/15/2022 12:35 PM GMT+08  • 3 min read
Sea cuts jobs in shopping, food in first major downsizing
Shopee will pull out of Spain as of the end of June 17, it said in an announcement on its website. Photo: Bloomberg
Font Resizer
Share to WhatsappShare to FacebookShare to LinkedInMore Share
Scroll to top
Follow us on Facebook and join our Telegram channel for the latest updates.

Sea Ltd. is making its first major job cuts in areas spanning shopping and food, joining other tech firms downsizing this year in anticipation of unprecedented market and economic volatility.

Southeast Asia’s largest tech firm plans to let employees go across its e-commerce division Shopee, Chris Feng, the unit’s chief executive, said in an email to employees seen by Bloomberg News. It will reduce headcount across its ShopeeFood and ShopeePay divisions in Southeast Asia. The cuts will also extend across its Mexico, Argentina, and Chile teams, as well as the cross-border team supporting Spain.

Sea faces increasing pressure to slash costs as growth in its main commerce business comes off a pandemic-era high. While mobile gaming has proven more resilient, the company has lost about US$160 billion ($222.77 billion) of its market value since an October high as investors begin to scrutinise its longer-term trajectory.

For more insights on corporate trends...
Sign In or Create an account to access our premium content.
Subscription Entitlements:
Less than $9 per month
Unlimited access to latest and premium articles
3 Simultaneous logins across all devices
Bonus unlimited access to online articles and virtual newspaper on The Edge Malaysia (single login)
×
Loading next article...
The Edge Singapore
Download The Edge Singapore App
Google playApple store play
Keep updated
Follow our social media
Subscribe to The Edge Singapore
Get credible investing ideas from our in-depth stock analysis, interviews with key executives, corporate movements coverage and their impact on the market.
© 2022 The Edge Publishing Pte Ltd. All rights reserved.
Unlock unlimited access to premium articles with less than $9 per month. Subscribe Now