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Economic restructuring on steroids: Retrenchments as annual cost-cutting exercises in tech firms?
Preparing for an initial public offering is just one reason why Lazada cut jobs.
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Lazada has axed an estimated 25 to 50 per cent of its Southeast Asian headcount.
ST PHOTO: ONG WEE JIN
Xu Le and Samer Elhajjar
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A tech firm lays off about 100 staff. The announcement catches most investors and observers off guard.
If this was 2022 or 2023, you might have guessed we were referring to Grab, Google or frankly, any one of the major tech firms. Last year’s cuts were so staggering, Meta chief executive Mark Zuckerberg termed 2023 “the year of efficiency”.
