Shopee layoff

2022 - 9 - 19

Post cover — Image courtesy of "Bloomberg"

Sea to Fire 3% of Shopee Indonesia Staff as Layoffs Start (Bloomberg)

Sea Ltd. is preparing to fire 3% of Shopee employees in Indonesia, part of a broader wave of regional job cuts intended to curb ballooning losses and win ...

More layoffs at Shopee, three months after previous round of job cuts (CNA)

SINGAPORE: E-commerce giant Shopee cut more jobs on Monday (Sep 19), the most recent in a series of moves following widening losses and slower revenue ...

Shopee lays off more S'pore staff, will give 'appropriate compensation' (The Straits Times)

SINGAPORE - Employees affected by e-commerce platform Shopee's latest round of job cuts will be given "appropriate compensation packages" in line with market ...

[members of Sea's top management will forgo their salaries and cap business expenses,](https://www.straitstimes.com/business/companies-markets/seas-billionaire-ceo-to-forgo-salary-as-cost-cuts-spread) emphasising the need for the company to become "self-sufficient". [3 per cent of Shopee employees in Indonesia ](https://www.straitstimes.com/business/companies-markets/sea-plans-to-fire-3-of-shopee-indonesia-staff-part-of-broaders-wave-of-job-cuts)as part of the broader wave of regional job cuts to curb ballooning losses and win back investors. SINGAPORE - Employees affected by e-commerce platform Shopee's latest round of job cuts will be given "appropriate compensation packages" in line with market norms, the firm said in a joint statement with the Creative Media and Publishing Union (CMPU) on Monday.

Shopee to reportedly cut 3% of Indonesia workforce (Marketing Interactive)

Sea Group's Shopee reportedly plans to fire 3% of its Indonesia employees amidst a series of job cuts that it has carried out globally so far.

The company said previously that it had made adjustments to hiring plans and as a result, a number of roles at Shopee were no longer available. It also cut jobs in Shopee earlier this year as well as its gaming unit Garena. Meanwhile, Sea plans to provide affected employees with assistance and severance packages.

Shopee joins start-up layoffs trend in RI, blames global economy (Jakarta Post)

Shopee Indonesia has announced layoffs in Indonesia, following a wider trend that has been unsettling workers in the countrys tech sector over the past few ...

The company said it remained committed to programs for MSMEs carried out at nine Shopee MSME Campuses. "Shopee's achievements so far cannot be separated from the hard work and commitment of the Shopee team. This is a very difficult decision," he was quoted as saying in a statement released on Monday.

Shopee, the Amazon of Southeast Asia, laying off staff: reports (Business Insider)

Shopee, a Singapore-headquartered ecommerce platform, is laying off staff and shuttering certain operations in Latin America amid widening losses.

In August, Bain-backed ShipBob [laid off](https://www.businessinsider.com/shipbob-lays-off-7-of-staff-ecommerce-bust-2022-8) 7% of its staff. [announced](https://www.businessinsider.com/shopify-layoffs-10-percent-ceo-memo-2022-7) it would be laying off 1,000 employees, or 10% of its global staff. The leadership team will go without compensation until the company reaches self-sufficiency, Vulcan Post [reported](https://vulcanpost.com/803637/sea-ltd-top-management-forego-salaries-cut-spending/), citing a 1,000-word internal staff memo. The statements do not state the numerical revenues from Brazil. [reports](https://cdn.sea.com/webmain/static/resource/seagroup/pressrelease/2021AR/9OnCqBAnsNMu6SWhHzoP/2022-04-22%20-%20Form%2020-F.pdf). [statements](https://cdn.sea.com/webmain/static/resource/seagroup/website/investornews/2Q2022/uXxGiCr8oTGxOFTPhBUB/2022.08.16%20Sea%20Second%20Quarter%202022%20Results.pdf). Among its main competitors are Alibaba-backed ecommerce company Lazada group, Akulaku, and Bukalapak, per The report did not specify when the job cuts would be made. [reported](https://www.straitstimes.com/business/companies-markets/seas-shopee-shuts-operations-in-argentina-chile-colombia-mexico-sources) on September 9. CMPU is an industry-wide union that represents employees in the creative media, publishing, and journalism sectors. [CB Insights](https://www.cbinsights.com/company/shopee/alternatives-competitors). [reported](https://www.bloomberg.com/news/articles/2022-09-19/sea-plans-to-fire-3-of-indonesia-staff-as-regional-cuts-begin), citing an internal memo and an anonymous source familiar with the matter.

'A Very Difficult Decision'; Shopee Indonesia Lays off 3% Employees (English Tempo.co)

TEMPO.CO, Jakarta - Shopee Indonesia's e-commerce platform laid off 3 percent of its employees on Monday, September 19, 2022. Shopee Indonesia head of ...

The global economic conditions, he said, forced Shopee Indonesia to adapt quickly and evaluate business priorities in order to become more efficient. TEMPO.CO, Jakarta - Shopee Indonesia's e-commerce platform laid off 3 percent of its employees on Monday, September 19, 2022. According to Radynal, the layoff was in line with the company's global focus on achieving independence and sustainability, which are the company's two main focuses on sustaining its business in the midst of global economic uncertainty.

Shopee lays off hundreds of employees (Tech in Asia)

Ecommerce giant Shopee is slashing jobs in Singapore and China as well as Indonesia, where 180 employees – 3% of the workforce, will be dismissed, ...

3 Percent Shopee Indonesia Workers Affected by Layoff, Reportedly (English Tempo.co)

TEMPO.CO, Jakarta - Multinational tech company Shopee laid off a number of workers across regional branches, according to Tempo's source from within the ...

The company's revenue in the second quarter of 2022 reached 2.94 billion US dollars. "Shopee's achievements so far cannot be separated from the hard work and commitment of the Shopee Team. Each former worker will be given severance pay in the amount of one month's wage.

Shopee implements regional job cuts to curb losses - axes some ... (Vulcan Post)

Affected employees will be given "appropriate compensation packages", and Shopee will also render employment facilitation and assistance.

In addition, the company will also tighten its expenses as seeks to cut costs. Earlier this year, Shopee had also let go of its regional workers in its ShopeeFood and ShopeePay teams. This is part of its regional job cut exercise, which also affects some staff in Singapore.

Singaporean e-commerce giant Shopee slashes jobs in China (South China Morning Post)

The operator of Southeast Asia's largest e-commerce platform laid off a number of employees in China on Monday, as its parent Sea Limited trims its global ...

Shopee lays off some employees in Singapore amid 'turbulent ... (TODAY)

SINGAPORE — Weeks after news came that e-commerce firm Shopee's parent company was trimming its manpower at its gaming livestream business Garena and its ...

The online retail platform is one of Sea’s two main businesses. Staff members in Mexico, Argentina and Chile were also cut alongside a cross-border team supporting the Spanish market. “Our number one objective for the next 12 to 18 months is achieving self-sufficiency. [Sea’s chief executive officer Forrest Li](https://www.todayonline.com/singapore/shy-singapore-billionaire-boss-1847311) sent an internal email to employees saying that this is a “turbulent period” for the industry. Shopee’s parent company, Sea Limited, reported a net loss of US$931 million (S$1.3 billion) in the second quarter of this year. Advertisement

Read the memo Forrest Li sent employees as Shopee prepares for ... (Business Insider)

The company will be restricting expenses, capping all flights at the economy level, and executives will temporarily forgo compensation, Li wrote.

The next 12-18 months are crucial to the long-term health and longevity of our company. Now, we need to again go through a transition that I know might be painful and stressful, on individuals as well as the collective. I may not be able to reply, but I will read and consider every message. We are watching the world situation closely, and we will need to continue adapting as best as we can. The more cash we save each day, the more time we can buy ourselves to weather out this storm. Right now, thanks to years of prudent action and hard work, we have a solid cash base that puts us in a safer position than many of our counterparts in the tech sector. I am writing to you today to explain what is happening, and also talk about what we need to do in the next 12-18 months. It will not be easy for us to achieve this. In the past, we have focused on growth first, and sometimes growth at all costs. If we manage to do this, it will have huge implications for our future. We can now see that this is not a quickly passing storm: these negative conditions will likely persist into the medium term. "Our number one objective for the next 12-18 months is achieving self-sufficiency," Li wrote in the memo.

Why is e-commerce giant Shopee on a layoff spree? (Tech Wire Asia)

The layoff spree within Sea Ltd's Shopee over the last few months, impacts jobs in its Singapore, China and Indonesia operations.

After all that is said and done, it is apparent that Shopee has made it loud and clear that the company is trying to shield itself from the economic slowdown. What is apparent is the fact that Shopee has made it loud and clear that the company, which counts Tencent Holdings Ltd. This is in sharp contrast to when Sea [secured](https://www.reuters.com/technology/sea-ltd-raises-about-6-billion-mega-fund-raising-2021-09-10/) US$6 billion through an equity and convertible bond sale in September 2021, which at the time was Southeast Asia’s largest fundraising round. “These changes are part of our ongoing efforts to optimize operating efficiency with the goal of achieving self-sufficiency across our business,” Shopee said in an e-mailed statement, without elaborating. At this point, it is apparent that Shopee may not be able to replicate its growth in the developing world into the West, where — thus far — everybody except Amazon has largely failed. is preparing to fire 3% of Shopee employees in Indonesia. Shopee expanded into Mexico, Chile and Colombia just a year ago – two years after going into Brazil – banking on the region’s rising population of young, mobile-savvy users. Then came this week, when Forrest Li — the billionaire founder, chairman, and CEO of Shopee — in a 1,000-word memo sent to Shopee employees on September 15, outlined drastic cost-cutting measures the company will be taking. Three months later, talks began surfacing on the possibility of the Sea’s e-commerce arm shutting local operations in Chile, Colombia and Mexico, while leaving Argentina entirely. Then by June, Shopee began to cut down on its workforce — with its payments arm ShopeePay and food delivery business ShopeeFood facing the first rounds of downsizing. The company at the same time was facing setbacks on its global expansion plans, including foraying into Europe and Latin America. Fast forward this year, for the quarter ending on 30 June 2022, Shopee reported revenues of US$1.7 billion, up another impressive 51.4% year-on-year versus US$1.57 billion submitted by Alibaba for all of its international businesses — Lazada, AliExpress, Trendyol and Daraz combined.

Shopee layoff

Explore the last week