Sea Limited cutting 3% of Shopee workers in Indonesia

kokkai

• Sea Limited (NYSE:SE) is 0.5% lower, mitigating some earlier declines, after reports that it's firing 3% of Shopee employees in Indonesia.
• That's part of broader cuts across the division (also in the low single digits), according to reports, including cuts at Singapore headquarters.
• And it follows news from weeks past that Sea would cut personnel at Garena, its gaming live-stream business.
• The company has cited "macroeconomic blows" that have roiled a number of tech companies, including slow economic growth, inflation, supply chain disruptions and the Russia-Ukraine war.
• “Sadly, we are not immune to these shocks," said CEO Forrest Li. "These negative conditions will likely persist into the medium term.”
• The company suspended guidance and posted heavier losses in Q2 earnings in August.