- Sea Limited’s (NYSE:SE) top management agreed to forgo their salaries and tighten company expense policies amid the economic slowdown, Bloomberg reports.
- The leadership team decided to forego cash compensation until the company reaches self-sufficiency, CEO Forrest Li said in an internal memo days after Sea shut down operations in some markets and trimmed staff across its divisions.
- Sea reported a nearly $1 billion quarterly loss in April-June.
- Sea’s gaming arm Garena will likely post its first decline in bookings this year, and last month, it withdrew its 2022 e-commerce forecast.
- Sea acknowledged that the current economic environment would likely persist into the medium term.
- Li also confessed head-on the struggle for Sea in an era of rising interest rates, accelerating inflation, and a volatile market curbing online spending and making investors more cautious.
- Sea will cap business travel to economy class flight fares, with travel meal expenses limited to $30 daily.
- It will also curb spending on hotel stays for business trips to $150 a night and cull reimbursement for meals and entertainment bills.
- Twilio Inc (NYSE:TWLO) recently prepared to slash its staff by nearly 11% to reduce operating costs and increase operating margins.
- Tech giants like Alphabet Inc (NASDAQ: GOOG) (NASDAQ: GOOGL) Google, and Meta Platforms Inc (NASDAQ: META) have also warned employees to improve performance or face the consequences.
- Price Action: SE shares traded lower by 2.99% at $61 in the premarket on the last check Thursday.
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