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Singapore's Sea seeks to break even in e-commerce by 2023

NYSE-listed tech giant's stock jumps on flat loss

Singapore-based Sea has been cutting jobs, including those at online retail business Shopee, to slash costs.   © Reuters

SINGAPORE -- Singapore-based tech group Sea expects to break even in its e-commerce business by the end of 2023 as the loss-making company conducts a series of layoffs and reviews spending, borrowing from the U.S. tech sector's playbook.

The firm, listed on the New York Stock Exchange, said on Tuesday it is "working towards" having online retail business Shopee break even by the end of 2023 in terms of adjusted EBITDA (earnings before interest, taxes, depreciation and amortization).

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