Online marketplace Carousell has joined a slew of major tech companies in retrenching a considerable number of their staff. The firm’s CEO Quek Siu Riu said it will cut 110 jobs, or 10% of its total headcount.
In the email, also posted on the group’s portal, Quek apologised for the “critical mistakes” that had been made.
Despite being optimised about recovery, Quek explained Carousell had been “too optimistic about the pace of our impact versus our increase in investments. “The reality is that we were quick to grow our expenses and hire, but the returns took longer than expected,” he added.
Quek also pointed out the the uncertain market condition had become an additional hindrance to the marketplace’s expected growth. “As we do not know when market conditions will improve, it is only prudent that we get to profitability as a group as quickly as possible, to be masters of our destiny and build an enduring company,” he explained.
