Banking

Internet Giant Jumps On Booming Sales Growth

Asian e-commerce and gaming company Sea Limited (SE) reported second-quarter results early Tuesday that thrilled investors. SE stock jumped.




X



Based in Singapore, Sea reported an adjusted loss of 61 cents a share on revenue of $2.28 billion. Analysts expected Sea to report an adjusted loss of 49 cents a share on revenue of $2.06 billion.

The 159% revenue gain marked the third straight quarter of accelerating year-over-year growth.

Sea Ltd. also raised full-year guidance for games and e-commerce.

“We expect bookings for digital entertainment to be between US$4.5 billion and US$4.7 billion, representing 44.4% growth from 2020 at the midpoint of the revised guidance,” the company said in its earnings release. “We also expect GAAP revenue for e-commerce to be between US$4.7 billion and US$4.9 billion, representing 121.5% growth from 2020 at the midpoint of the revised guidance.”

SE stock rose 5% during premarket action on the stock market today. Shares fell 5.3% on Monday after hitting a record high on Friday.

Sea says it has both the largest digital entertainment platform and the largest e-commerce operation in the Southeast Asia region, comprised of Indonesia, Taiwan, Vietnam, Thailand, the Philippines, Malaysia and Singapore. Its market reach extends to Latin America.

Most Related Links :
reporterwings Governmental News Finance News

Source link

Back to top button