Sea's Loss Widens on Boost in Spending for E-Commerce Push
- Shopee made up 78 percent of sales and marketing expenses
- Initial public offering in October providing cash cushion
This article is for subscribers only.
Sea Ltd., the parent of gaming company Garena, reported that its loss more than doubled in the third quarter on surging marketing costs at mobile-shopping unit Shopee.
In its first earnings announcement as a public enterprise, the Singapore-based gaming and e-commerce company said its net loss was $132.8 million, compared with $65.6 million a year earlier and the $156.6 million loss projected, on average, in a survey of three analysts. Total consolidated revenue rose 3.9 percent to $94.1 million in the period through Sept. 30, in line with predictions.