Sina Technology News Beijing time on December 23 morning news, it is reported that the Singaporean Internet company Donghai Group (Sea) has frozen the wages of most employees this year and reduced the amount of bonuses issued in response to the company founder Forrest Li ( Li Xiaodong) warned of a deteriorating global economic environment in 2023.
The Asian internet giant needs to focus on profitability after a difficult 2022, according to an internal memo. Li Xiaodong warned that 2023 could be “even more challenging”. He also added that the company is canceling salary increases for non-promoted employees.
“I assure you that we will stand firm from the beginning of 2023,” Li Xiaodong wrote. “Most of the major changes we need to make have already been made.”
The gaming and online retail giant has lost about 77% of its value this year amid doubts about its prospects amid rising interest rates and increased competition. A representative for Sea declined to comment on Li Xiaodong’s memo.
Sea has cut about 7,000 jobs, about 10% of its workforce, as it seeks to stem mounting losses and try to win back investors. The company also shut down e-commerce operations in some European and Latin American markets and said it would reduce expenses in response.
In November, the company announced a smaller-than-expected quarterly loss, raising hope that spending-cutting measures will help drive profitability amid slowing growth.
“I know such news is hard to accept, especially during the holiday season,” Li Xiaodong wrote. “These are temporary but necessary measures to help us build a bigger and brighter future.”
media reports
IT House Sina Technology Sina Hexun Technology
related events
- Singapore Internet giant Sea will freeze wages and reduce bonuses2022-12-23
- Southeast Asian Internet giant Sea has laid off more than 7,000 employees in the past six months2022-11-15
- Tencent reduces its 2.6% stake in Southeast Asian e-commerce company Sea2022-01-04
- Sea, a Southeast Asian e-commerce company invested by Tencent, goes public in the United States to raise US$ 1 billion2017-10-20
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