Singapore’s Sea slashed 7,000 jobs in six months to curb losses

The gaming and online-retail giant has lost almost 90% of its value since a peak last year on questions about its money-making prospects in an era of rising interest rates and intensifying competition. — Sea

Sea Ltd has cut about 7,000 jobs, or roughly 10% of its workforce, in the past six months as it fights to stem ballooning losses and win back investors, according to a person familiar with the matter.

Among the latest reductions is about 100 positions at Sea’s ecommerce arm Shopee, and those affected started to receive notices on Nov 14, according to people familiar with the matter. The newest cuts are a part of several waves of layoffs since June.