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Sea Limited (SE) – Sea’s abrupt break on vacancies puts applicants in a difficult spot

  • Sea Limited SE E-commerce company Shopee has dropped dozens of job postings over the past two weeks, Reuters reports.
  • Shopee pulled offers from at least four applicants just days before they joined. The contestants included a professional who left his TikTok parent ByteDance Ltd work.
  • One analyst called Sea’s handling of layoffs “ugly and embarrassing” and likely to damage its reputation.
  • Shopee offered one month’s pay in cases where people flew in from overseas, including reimbursement for the cost of airfare and temporary accommodation.
  • Applicants landed in a soup as the cost of legal action was expensive, as was the cost of returning to China and finding a new job, given the economic situation there.
  • In August, Sea posted mounting losses and significantly slower revenue growth in the second quarter.
  • Sea admitted to canceling certain offers at Shopee.
  • Earlier in September, Sea downsized its lucrative gaming arm, marking its second attempt in 2022 to contain costs as it struggles to grow.
  • Sea reduced its overseas footprint and peripheral businesses to focus on improving profitability.
  • Sea explored downsizing in its most profitable Garena division and new ventures in its R&D arm.
  • Sea was aiming to cut 40 jobs from its live game streaming app Booyah!, including product management and quality assurance teams.
  • Sea has also abandoned several experimental projects at its Sea Labs R&D unit.
  • Sea expected Garena to record its first booking decline this year and withdrew its 2022 e-commerce forecast. South East Asia.
  • Shopee’s payment arm ShopeePay and food delivery business ShopeeFood have also faced cuts.
  • Price action: SE shares traded down 1.90% to $58.79 pre-market when last checked on Tuesday.