What’s Going On With Sea Stock Today

• 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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