Sea, a Nasdaq-listed company whose shareholders include Tencent, BlackRock and T Rowe Price, had been seen as one of Southeast Asia’s tech success stories. According to the report, Sea is also one of a number of high-flying tech companies that in recent years had burned through massive amounts of money as it tried to grow quickly -— a strategy that proved unsustainable as interest rates soared this year and the economy slowed.
The Southeast Asian internet major operates three main business units: Garena, Shopee, and SeaMoney. Garena is an online game platform and publisher with a focus on first-person shooter and multiplayer online battle arena games. SeaMoney is a digital financial services platform that offers mobile payments, loans, and other financial services. Sea Ltd. is headquartered in Singapore and has offices in Taiwan, Vietnam, Indonesia, the Philippines, and Thailand. The company’s shares trade on the Nasdaq Global Select Market under the ticker symbol SE.
The South Asian e-commerce and gaming giant, which cut its forecast for e-commerce revenue for the year in August, did not immediately respond to a Reuters request for comment. In September, Bloomberg reported that Sea prepared to lay off 3% of employees at its e-commerce arm Shopee in Indonesia, part of a broader wave of regional job cuts intended to curb ballooning losses. A recent report citing sources claimed that Shopee would exit Argentina and shut local operations in Chile, Colombia and Mexico while its Garena gaming unit would lay off hundreds of staff in Shanghai.
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