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By Josh Ye and Fanny Potkin
(Reuters) – Gaming and e-commerce company Sea is delaying its live game streaming platform and final projects in its progression unit after reporting a quarterly loss of nearly a billion dollars, two resources familiar with the matter told Reuters.
Employees were informed about the number of workers in its game streaming business and that its progression arm would be discontinued, the resources said.
Staff at Booyah!, a network and game streaming app, which is a component of Sea Garena’s gaming unit, were informed that they will be released and that the app will no longer be updated, the resources said. A source said that meant laying off 30 to 40 people.
Sea Labs, the progression arm of the tech conglomerate, shut down some of its largest experimental projects and reduced its staff, adding blockchain and public cloud projects, the source said.
A third user with knowledge of the case showed that Sea had shut down some primary projects and laid off “dozens of people,” saying it was similar to Sea’s plan to generate profitability.
A Sea spokesman told Reuters the company had “made some adjustments to improve the power of our operations that have an effect on various roles,” and said it would focus on the “long-term strength of our ecosystem. “
The spokesman declined to say how many jobs were affected.
After a recovery in its fortunes from the pandemic, Sea has suffered setbacks that have resulted in a drop of more than 72% in its percentage value so far this year. In March, Sea warned that Garena was affected by government bans in India.
In June, Sea cut jobs at its Shopee e-commerce division, according to media reports, only in Southeast Asia, but also at its operations in Mexico and Latin America.
The New York-listed technology company posted a bigger-than-expected loss for the current quarter last month and pulled out its e-commerce forecast for the year, sending its shares down 14 percent.
Garena’s quarterly payment fell 39% in the quarter.
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(Reporting via Josh Ye in Hong Kong and Fanny Potkin in Singapore; Editing via Sayantani Ghosh and Edmund Blair)