Tech Southeast Asia's start-ups have fired hundreds of workers, and this may be just the beginning Published Wed, Jun 22 2022 9:48 PM EDT [CNBC]
Sea Limited American Depositary Shares, each representing one Class A Ordinary Share (SE)
Last sea limited american depositary shares, each representing one class a ordinary share earnings: 3/3 06:30 am
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Source: CNBC
At least six tech companies have let go of their staff, including Sea Limited , the owner of Singapore-based e-commerce site Shopee. Tech investors say this is just the beginning of more job cuts in the region's tech industry. As interest rates rise and economic uncertainty looms, companies are now being forced to focus on profitability instead of growing as quickly as possible. “Last year, a lot of what happened was a lot of cheap capital in the market flooded the market [which] allowed companies to grow really at any cost,” said Jessica Huang Pouleur, a partner at venture capital firm Openspace. “What happened was people hired very rapidly. You have a problem, you just throw people at it.” “I think we'll likely see more of it to come over the course of the next few months,” Huang Pouleur said, referring to more layoffs in the tech space. Job losses Shopee has laid off workers from its food delivery and payment arms, as well as teams from Argentina, Chile and Mexico, accor
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- Chinese Metal Tycoon's Heir Buys $62 Million Singapore Mansion [BNN Bloomberg (Canada)]BNN Bloomberg
- Sea Limited (NYSE: SE) was upgraded by analysts at Loop Capital from a "hold" rating to a "buy" rating. They now have a $92.00 price target on the stock, up previously from $59.00.MarketBeat
- Sea Limited or Mercado Libre: Which Is the Best Growth Stock to Buy? [Yahoo! Finance]Yahoo! Finance
- Sea Limited (NYSE: SE) was upgraded by analysts at Morgan Stanley from an "equal weight" rating to an "overweight" rating. They now have a $70.00 price target on the stock, up previously from $65.00.MarketBeat
- Sea Limited (NYSE: SE) was upgraded by analysts at Bank of America Co. from a "neutral" rating to a "buy" rating. They now have a $70.00 price target on the stock, up previously from $62.00.MarketBeat
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Earnings
- 3/4/24 - Beat