Tech layoffs in Southeast Asia mount as unprofitable startups seek to extend their runways [CNBC]
Airbnb, Inc. - Class A (ABNB)
Company Research
Source: CNBC
Last week, online marketplace Carousell announced it was letting go of about 10% of its headcount — or approximately 110 positions. In November, Indonesia's GoTo Group — a merger between ride-hailing giant Gojek and e-commerce marketplace Tokopedia — cut 1,300 jobs or about 12% of its headcount Both companies cited challenging macroeconomic challenges. There are signs that we are entering into a recession, if we are not already in one. Therefore, customer demand is likely to be slower in 2023. They join Sea Group and other companies in the region in downsizing headcount. Sea Group, according to local media , laid off more than 7,000 employees over the past six months. “Founders are being prudent by managing costs in this environment to ensure there is sufficient runway till late 2024,” Jia Jih Chai, co-founder and CEO of Singapore-based e-commerce brand aggregator Rainforest, told CNBC. Chai was previously a senior vice president at Carousell and a managing director at Airb
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ABNB
Earnings
- 2/13/24 - Miss
ABNB
Sec Filings
- 4/25/24 - Form 4
- 4/23/24 - Form 144
- 4/23/24 - Form PX14A6G
- ABNB's page on the SEC website