More layoffs are happening are Shopee Singapore

According to a report from Bloomberg News on Friday, the e-commerce and gaming company Sea, headquartered in Singapore, is eliminating fewer than 500 positions at its Indonesian business Shopee (Mar 10).

According to the story, which cited a person with knowledge of the situation as its source, the most recent round of layoffs affects both full-time and contract staff in Shopee’s customer care team.

Reuters’ request for comment from Sea was not met with an immediate response from the company.

Bloomberg published an article in September stating that Sea has laid off 3% of its workforce at its Indonesian branch.

According to a report from Information, the company terminated the employment of more than 7,000 workers, which represents around 10% of its total staff, in the previous year.

The business said on Tuesday that it had made its first quarterly profit as a result of significant cost reductions that it had implemented in order to compensate for a post-pandemic slump in demand.

As part of its plan to turn the company around, it eliminated operations in a number of countries, laid off employees, and reduced its spending on marketing.

“We departed or scaled operations in non-core markets,” stated Chief Executive Officer Forrest Li. “We also streamlined our pipeline with investments and project closures, and we deprioritized non-core activities.”

During the latter half of the previous year, “our deliberate transition to focus on efficiency and profitability has been already bringing considerable benefits to the bottom line.”

Also Read:- Swimming prodigy Pia Magat wins 7 gold medals in Thailand