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Search resuls for: "Shopee"


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☆ Shopee, the Amazon of Asia, has laid off around 7,000 employees in the last 6 months, after latest cuts: report
  + stars: | 2022-11-15 | by ( Britney Toh | ) www.businessinsider.com   time to read: +3 min
Shopee laid off around 100 employees on Monday, adding up to around 7,000 jobs cut in the last six months, per Bloomberg. Sign up for our newsletter for the latest tech news and scoops — delivered daily to your inbox. On Monday, a number of Shopee employees in Singapore and China received marching orders via emails, Bloomberg said. Sources also told The Straits Times that the latest round of layoffs was more low-key compared to the layoffs that happened in September. Shopee parent Sea Limited — which employed more than 67,000 people at the end of 2021 — let go a low single-digit percentage of employees on September 19.
☆ Shopee, the Amazon of Southeast Asia, has been on a layoff spree within a year of raising $6 billion. We dug into the financials for an inside look.
  + stars: | 2022-09-26 | by ( Nidhi Pandurangi | ) www.businessinsider.com   time to read: +8 min
Today, Li is the billionaire CEO of NYSE-listed Sea Limited, which owns 100% of Shopee as well a gaming unit called Garena. Amid these growing losses, Sea Limited revised and then dropped its ecommerce revenue guidance for the year. In the fourth quarter of 2021, Shopee expected ecommerce revenue in 2022 to fall between $8.9 billion and $9.1 billion. Sea Limited posted revenues of $414 million in 2017, which ballooned to almost $10 billion in 2021. However, Sea Limited has been posting losses for the past few quarters, so that option is not viable in the short-term.
☆ Exclusive: Grab sees no big layoffs despite weak market
  + stars: | 2022-09-25 | by ( Anshuman Daga Xinghui Kok | Anshuman Daga | Xinghui Kok | ) www.reuters.com   time to read: +5 min
Like its rivals, it has benefited from a boom in food services during the COVID-19 pandemic, while ride-hailing suffered. read moreHungate, a veteran of the financial services, logistics and food sectors, has spearheaded a push away from low-margin business lines as Grab races to turn profitable. "The other area where we've really tightened our strategic intent is in financial services where we were growing payments, wallets and non-bank financial lending quite significantly off-platform and on our platform," said Hungate. Grab is betting on growing financial services by offering banking and other products with partner Singapore Telecommunications (STEL.SI) in key markets. read moreHungate said Grab would provide details of its progress towards profitability and other metrics at its first investor day on Tuesday.
☆ Exclusive: Grab expects no big layoffs despite weak market
  + stars: | 2022-09-25 | by ( Anshuman Daga Xinghui Kok | Anshuman Daga | Xinghui Kok | ) www.reuters.com   time to read: +5 min
Like its rivals, it has benefited from a boom in food services during the COVID-19 pandemic, while ride-hailing suffered. read moreHungate, a veteran of the financial services, logistics and food sectors, has spearheaded a push away from low-margin business lines as Grab races to turn profitable. "The other area where we've really tightened our strategic intent is in financial services where we were growing payments, wallets and non-bank financial lending quite significantly off-platform and on our platform," said Hungate. Grab is betting on growing financial services by offering banking and other products with partner Singapore Telecommunications (STEL.SI) in key markets. read moreHungate said Grab would provide details of its progress towards profitability and other metrics at its first investor day on Tuesday.
☆ EXCLUSIVE Grab sees no big layoffs despite weak market
  + stars: | 2022-09-25 | by ( Anshuman Daga Xinghui Kok | Anshuman Daga | Xinghui Kok | ) www.reuters.com   time to read: +5 min
Like its rivals, it has benefited from a boom in food services during the COVID-19 pandemic, while ride-hailing suffered. read moreHungate, a veteran of the financial services, logistics and food sectors, has spearheaded a push away from low-margin business lines as Grab races to turn profitable. "The other area where we've really tightened our strategic intent is in financial services where we were growing payments, wallets and non-bank financial lending quite significantly off-platform and on our platform," said Hungate. Grab is betting on growing financial services by offering banking and other products with partner Singapore Telecommunications (STEL.SI) in key markets. read moreHungate said Grab would provide details of its progress towards profitability and other metrics at its first investor day on Tuesday.
☆ Shopee rolls out spending caps for all employees, including economy-only flights and $30 meals, as the company braces for layoffs and financial trouble
  + stars: | 2022-09-20 | by ( Nidhi Pandurangi | ) www.businessinsider.com   time to read: +3 min
On September 15, Shopee CEO Forrest Li told employees the company would be restricting expense policies. Layoff conversations began September 19, affecting a low-single-digit percentage of Shopee employees. Forrest Li, the company's billionaire founder, chairman, and CEO, told employees a tightened expense policy would be instituted from October 1 onwards. Li's memo came a few days before conversations began to lay off a low single-digit percentage of Shopee employees. Singapore-based Shopee was launched in seven Southeast Asia markets in 2015 and now operates in 13 countries across Southeast Asia, Latin America and Europe, including Brazil, Poland, and China.
☆ Read the memo Singapore billionaire Forrest Li sent to employees of Shopee, the Amazon of Southeast Asia, as the company's losses widen and it prepares for layoffs
  + stars: | 2022-09-20 | by ( Nidhi Pandurangi | ) www.businessinsider.com   time to read: +8 min
In a 1,000-word memo sent to Shopee employees on September 15, Forrest Li — the billionaire founder, chairman, and CEO of Shopee — outlined drastic cost-cutting measures the company will be taking. "Our number one objective for the next 12-18 months is achieving self-sufficiency," Li wrote in the memo. Shopee parent Sea Limited has lost around $170 billion of market value since an October 2021 high, per Bloomberg. Shopee was founded in 2015 in seven markets across Southeast Asia and has since expanded operations into 13 markets total. In addition, the leadership team has decided that we will not take any cash compensation until the company achieves self-sufficiency.
☆ Shopee, southeast Asia's answer to Amazon, is closing shop in 4 countries and laying off staff days after its billionaire founder said he'd forgo a salary
  + stars: | 2022-09-19 | by ( Nidhi Pandurangi | ) www.businessinsider.com   time to read: +4 min
Ecommerce platform Shopee is laying off HR, regional ops, marketing, engineering staff. Shopee was launched in seven Southeast Asia markets in 2015 and now operates in 13 countries. Shopee reported a loss of $931.2 million in the second quarter of 2022, widening significantly compared to 2021. Shopee reported a loss of $931.2 million in the second quarter of 2022, widening significantly from a net loss of $433.7 million in the second quarter of 2021, according to Sea Limited's financial statements. However, in Brazil, Shopee's revenues rose by 270% year-on-year in the second quarter of 2022, the quarterly statements show.
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