American technology companies aren’t the only ones cutting jobs. It seems that the economic crisis is very high, due to which most of the global level companies are suffering. According to an exclusive report in The Information, Sea Ltd, South East Asia’s largest internet company by revenue and market value, has laid off more than 7,000 employees or about 10 percent of its workforce in the last 6 months. Is.
This company was one of the successful technology companies in South East Asia. According to the report, Sea is also one of several high-flying tech companies that have spent big money in recent years as it tried to grow rapidly. But this strategy proved unviable this year due to rising interest rates and a slowing economy. Share holders of Nasdaq listed Company C include Tencent, BlackRock and T Rowe Price.
The Internet giant from Southeast Asia operates three main business units, which include Garena, Shopee, and SeaMoney. Garena is an online game platform and publisher that focuses on first-person shooter and multiplayer online battle arena games. SeaMoney is a digital financial services platform that provides mobile payments, loans and other financial services. Sea Limited is headquartered in Singapore. It has other offices in Taiwan, Vietnam, Indonesia, Philippines and Thailand. The company’s shares trade on the Nasdaq Global Select Market under the ticker symbol SE.
In September, Bloomberg reported that Sea prepared to lay off 3 percent of employees at its e-commerce platform Shopee in Indonesia as part of regional job cuts aimed at stemming large-scale losses. A recent report claims that Shopee will exit Argentina and close regional operations in Chile, Colombia and Mexico. At the same time, its Garena gaming unit will remove hundreds of employees in Shanghai.