Yahoo Finance Sea cuts more jobs at Shopee days after posting surprise profit
By Yoolim Lee
(Bloomberg) — Sea Ltd. is cutting more jobs at e-commerce unit Shopee in Indonesia, days after reporting a surprise first-ever quarterly profit helped by last year’s extensive firings.
The latest cuts affect fewer than 500 full-time and contract workers in Shopee’s customer service team in Indonesia, according to a person with direct knowledge of the matter who asked not to be named as the information is private. Those affected were notified Thursday (9 March), the person said. A representative for Sea didn’t immediately respond to a request for comment.
The Singapore-based e-commerce, gaming and fintech provider last year cut more than 7,000 jobs, froze salaries and trimmed spending, helping it to swing to a profit in the fourth quarter. Chief Corporate Officer Yanjun Wang told analysts on Tuesday’s (7 March) earnings call that Sea doesn’t foresee any further major changes with regards to headcount.
Southeast Asia’s largest internet firm racked up its biggest single-day gain in months on Tuesday after reporting the surprise profit — energizing investors hoping the company will pull off one of the biggest turnaround efforts the region’s fledgling tech sector has ever witnessed.
Also read: Sea founder reaps $915 Million one-day gain with surprise profit
©2023 Bloomberg L.P.
