Sea to Fire 3% of Shopee’s Indonesia Staff in Cost-Cutting Move

(Bloomberg) — Sea Ltd. is firing 3% of Shopee employees in Indonesia as part of a broader wave of regional job cuts intended to curb ballooning losses and win back investors.

The Singapore-based company started notifying affected staff Monday at its cash-burning e-commerce arm, according to an internal memo seen by Bloomberg News. The 3% cut in Indonesia aligns with layoffs of a low-single-digit percentage across the division, a person familiar with the matter said, asking to remain anonymous discussing internal actions.