Sea Ltd is trading 4% down at $81.46 following news that its Shopee unit is cutting approximately 8% of its global developer workforce to reallocate resources toward AI initiatives.
- The layoffs primarily affect quality assurance and product teams and include some department closures, signaling a major strategic shift for the company.
- Investors are reacting to the potential for near-term restructuring pressure, which is being compounded by a broader market selloff in risk assets.