- Sea Limited (NYSE:SE) shares gained on Monday over reports of a pay boost.
- Sea’s founder declared a 5% pay hike for most employees starting July, signaling a turnaround for the e-commerce and gaming business after years of bleeding losses.
- Workers who joined on or before March 31 will get the salary bump, Bloomberg cites Forrest Li’s internal memo.
- He said Sea has reached “self-sufficiency” as its cash balance is increasing rather than shrinking every quarter, months ahead of a target set last year.
- The hike marked a reversal from just a few quarters ago when Li surprised investors with a company-wide salary freeze and deep layoffs.
- Sea took brutal measures last year, including cutting thousands of jobs, retreating from significant markets, and slashing over $700 million from quarterly sales and marketing expenses.
- In 2022, Sea slashed close to 3,500 people from its workforce.
- “The external environment is still a challenging one,” Li said. “With self-sufficiency, we have a foundation for strong growth once again.”
- Price Action: SE shares traded higher by 4.58% at $82 premarket on the last check Monday.
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