Shopee Parent Company's Losses Decrease Amid 7,000 Employee Layoff Announcement

Sea Ltd has reportedly laid off 7,000 employees since the beginning of the year. The parent company of Shopee recorded a net loss that was better than in Q3 2021 and Q2 2022.

The Singaporean company is reported to have conducted layoffs affecting 7,000 employees in the last six months. *Katadata.co.id* has confirmed the Bloomberg report regarding the layoffs with Shopee, but has yet to receive a response.

Sea Ltd announced its Q3 2022 financial report yesterday (November 15th). The parent company of Garena reported a 17.4% year-on-year (YoY) increase in revenue to US$3.2 billion.

The Singaporean company's gross profit increased by 21.7% YoY to US$1.2 billion. The net loss decreased by 0.3% YoY to US$569.3 million.

This net loss calculation excludes share-based compensation, severance pay, and early lease termination costs. "Given the significant uncertainties related to the macroeconomic environment, we are fully shifting our mindset and focusing from growth to achieving self-sufficiency and profitability as soon as possible, without relying on any external funding," said Sea Ltd Group Chairman and CEO Forrest Li in a press statement on Tuesday (November 15th), as reported by *Katadata.co.id*.

Li stated that the company is adapting quickly to changing economic conditions. "All our efforts are aimed at ensuring that Sea Ltd not only survives the macroeconomic storm, but also emerges stronger, more efficient, and more resilient," he added. However, he assured that the company remains focused on its long-term potential.

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