Sea Ltd. is trimming staff in its money-making gaming arm to rein in costs. It’s the e-commerce giant’s second round of job cuts this year, following a string of setbacks that is forcing the company to shift its focus away from unbridled growth to profitability.
Shares of sea slide around 1% in premarket trading.
Employees were told staff numbers at its gaming livestream business and its development arm would be cut, sources said.
Staff at Booyah!, a gaming livestream and community app, which is part of Sea’s gaming unit Garena, were told they would be let go and the app would no longer be updated, the sources said. One source said it meant making 30 to 40 people redundant.
Sea Labs, the tech conglomerate's development arm, was shutting some of its biggest experimental projects and cutting staff, including blockchain and public cloud projects, the source said.