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.
In March, Shopee also several job offers, the South China Morning Post reported. Among those was an offer extended to a Chinese national, who discovered that the offer had been pulled when he landed in Singapore along with his wife and dog.
Li wrote that the company has a"solid cash base" but warned that"we can easily run through this cash base if we are not careful, and with investors fleeing for 'safe haven' investments, we do not anticipate being able to raise funds in the market." He also outlined a series of cost-cutting measures the company would be taking, including top-level executives temporarily forgoing salaries.Numbers paint a bleak picture.
However, the company's losses are also mounting. Sea Limited 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 and on the tail of two straight quarters of losses.
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