Shopee, The Amazon Of Asia, Has Laid Off Around 7,000 Employees In The Last 6 Months, After Latest Cuts: Report

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• The Shoppe laid off about 100 employees on Monday and has shed up to 7,000 jobs over the past six months, according to Bloomberg.
• Relevant roles include human resources, recruitment, training and employee relations management.
• The company's C share price is down about 87% from its 2021 peak.

Amazon, the e-commerce giant Shopee Asia, has shed nearly 7,000 jobs in the past six months alone, with recent cuts resulting in nearly 100 layoffs, Bloomberg reported on Tuesday.

Several Shopee employees in Singapore and China received the orders via email on Monday, Bloomberg reported. Target groups include personnel involved in human resources, training, hiring and employee relations management.

Sources told The Straits Times that the latest round of resignations was much more cautious than those in September. Although people were not warned, rumors of new cuts have been circulating for some time.

A Shopee media representative said in a LinkedIn post on Monday that she was told she was being fired in an emergency meeting that day, then sent an email saying, "Her role has been impacted."

The employee, who wrote that her entire team had been hit by layoffs following Shopee's mass layoffs in September, said she had a "horrible feeling of doubt" about her job.

Parent company Shopee Bahr Limited, which employed more than 67,000 people at the end of 2021, will lay off a small single-digit percentage of workers on September 19. It previously suspended operations in India, France and some Latin American markets.

Shares of Sea Limited are down 87% from their peak in 2021. The company reported a loss of $931.20 million in Q2 2022 after posting two consecutive quarters of losses. The results of the third quarter will be summarized on November 15.

"As part of the aforementioned exercise to optimize operational efficiency, we will continue to scrutinize our business plans and priorities in order to ensure self-sustainability," a spokesperson for Marine Limited told Insider in a statement.

Shopee CEO Forrest Lee wrote a memo to employees in September, days before the big layoffs, outlining the company's primary goal of becoming self-sustaining within the next 12 to 18 months.

“Now the global conditions have changed and we have to adapt. Cost consolidation is not unique to us, it is an important industry challenge,” he wrote.

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