Shopee parent company SEA which released its financial report indicating losses widening in its second quarter to US$931 million double what it reported last year, is announcing another round of retrenchment in its Singapore office.
The latest round comes from its earlier announcement of shutting some of its Latin American offices and lay-offs in the headquarters in June this year.
In a letter to Sea employees last week, CEO Forrest Li said that the company had made “some difficult announcements” lately, citing a turbulent period for the tech industry. “Sadly, we are not immune to these shocks,” he wrote. The “number one objective” for the next 12 to 18 months is achieving self-sufficiency, which means achieving “positive cashflow” as soon as possible, said Li in his letter.
