Sea’s Billionaire CEO Tells Staff Company Has Turned a Corner

Bloomberg2023-03-20

Sea Ltd. has made the changes it needs to deliver profits over the long haul, billionaire founder Forrest Li said in a memo to staff, assuring workers who had survived months of steep job cuts that ...

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chai88
2023-03-21
chai88
Taking major action early in this crisis — much earlier than most in our industry — was painful, but has put us in a stronger position today.” Powerful👍👍👍👍
T202311701
2023-03-20
T202311701
O

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The company made painful decisions to adapt quickly and has a stabler footing with fewer inefficiencies, Li said in his 700-word missive.“I want to assure you that, assuming no major shift in our external environment, our large-scale changes are complete, and we do not foresee further major changes,” Li said.But he warned the company still needs to prove that it can sustain a profit. “The world will be watching to see whether this quarter’s result is just a momentary blip or the start of a long-term trend,” he said. “Our job is not yet done.”Sea, the largest of Southeast Asia’s internet firms and briefly the world’s best-performing stock, is emerging from a painful 2022 in a changed world of rising interest rates, accelerating inflation and geopolitical tensions. The company has lost about $160 billion of market value since a peak in October 2021 on questions about its money-making prospects.In recent months, the company cut thousands of jobs, froze salaries and slashed more than $700 million from quarterly sales and marketing expenses to convince investors of its profit-making ability. It cut about 500 jobs at e-commerce unit Shopee in Indonesia this month, just days after the company reported a surprise first-ever quarterly profit helped by last year’s extensive cost cuts.In a stark about-face from years of prioritizing global expansion, the company has also shuttered operations in India and some European and Latin American markets to trim costs and reach positive cash flows.“As a company, it is our first time going through a crisis of this magnitude,” Li said. “Taking major action early in this crisis — much earlier than most in our industry — was painful, but has put us in a stronger position today.”","kind":null,"is_publish_news":true,"is_publish_highlight":true,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[{"id":9943819388,"gmtCreate":1679333509445,"gmtModify":1679333513287,"author":{"id":"3583047307109635","authorId":"3583047307109635","name":"chai88","avatar":"https://community-static.tradeup.com/news/58cd61c87afd62ee9ae91c7ec7707f45","vip":1,"crmLevel":4,"crmLevelSwitch":0,"idStr":"3583047307109635","authorIdStr":"3583047307109635"},"htmlText":"Taking major action early in this crisis — much earlier than most in our industry — was painful, but has put us in a stronger position today.” Powerful👍👍👍👍","listText":"Taking major action early in this crisis — much earlier than most in our industry — was painful, but has put us in a stronger position today.” Powerful👍👍👍👍","text":"Taking major action early in this crisis — much earlier than most in our industry — was painful, but has put us in a stronger position today.” Powerful👍👍👍👍","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9943819388","repostId":2320570085,"repostType":2,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":9943166208,"gmtCreate":1679289564405,"gmtModify":1679289567750,"author":{"id":"4115257325505790","authorId":"4115257325505790","name":"T202311701","avatar":"https://community-static.tradeup.com/news/816311e9879fbae4e952e2a5386f68ca","vip":1,"crmLevel":9,"crmLevelSwitch":0,"idStr":"4115257325505790","authorIdStr":"4115257325505790"},"htmlText":"O","listText":"O","text":"O","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9943166208","repostId":2320570085,"repostType":2,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"}],"isCommentEnd":false,"newsSizeData":{"likeSize":48,"commentSize":2,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.1","shortVersion":"4.29.1","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2320570085"}