Singapore-based e-commerce and gaming firm Sea Ltd laid off over 7,000 employees or about 10% of its workforce in the past six months, US publication The Information has reported.
The layoffs come at a time when many companies are feeling the crunch as they try to navigate through this economic downturn.
Last September, Bloomberg reported that the tech company prepared to lay off 3% of its employees at its e-commerce arm Shopee in Indonesia. The move was part of a bigger move of cutting regional jobs to minimise losses.
Earlier this month, Reuters also reported that Shopee would exit Argentina, and shut operations in Chile, Colombia and Mexico, while its gaming unit Garena would lay off hundreds of its Shanghai employees.