Sea Ltd shuts operations in some Latam countries, cuts Free Fire staff in Shanghai

Singapore-based Sea Ltd’s e-commerce arm Shopee will exit Argentina and shut local operations in Chile, Colombia and Mexico while its Garena gaming unit will lay off hundreds of staff in Shanghai, people close to the matter said.

Shopee Chief Executive Chris Feng said in an internal email seen by Reuters that “in light of the current elevated macro uncertainty,” Sea needed to “focus resources on core operations”.

New York-listed Sea has been cutting jobs across its units in recent months after reporting a nearly $1 billion quarterly loss in the April-June quarter. Garena’s biggest source of revenue is the Free Fire mobile game.