Singapore-based Sea Ltd laid off more than 7,000 employees, or around 10% of its workforce

Singapore-based Sea Ltd laid off more than 7,000 employees, or around 10% of its workforce, over the past six months, the Information reported on Monday, citing two people with knowledge of the matter.

This occurs at a time when the majority of businesses are drastically reducing their employee bases as part of their restructuring efforts to prepare for a potential economic downturn. The South Asian e-commerce and gaming company did not immediately respond to a request for comment from Reuters after withdrawing its annual e-commerce revenue forecast in August. According to a September Bloomberg report, Sea was preparing to fire 3% of its Shopee employees in Indonesia as part of a larger wave of regional job cuts aimed at containing soaring losses.