Singapore internet giant Sea Group has let go of 7,000 staff in the last six months, aiming to curb losses and gain back investor support, Bloomberg reported, citing sources briefed on the situation.
The reduction affected roughly 10% of the company’s total workforce, according to the report. Some of the latest job cuts were for Shopee, Sea’s ecommerce arm, which let go of around 100 people.
Layoffs at Shopee started around June this year, when it was reported that the regional ecommerce major was set for job cuts across its international operations and relatively newer business lines.
The move affected workers at ShopeeFood and ShopeePay as well as those involved in Shopee’s European and Latin American businnesses.
These layoffs come amid Sea’s struggling stock market performance, with its shares dropping almost 80% in value to US$45.80 apiece on November 14 from US$223.31 per share at the start of the year.
See Also: Sea Group’s financial health in 9 charts
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