Sea Surges After Gaming Sales Defy Post-Covid Internet Slowdown
- Shares rise in New York after core gaming unit outperforms
- Net loss widens as Southeast Asian internet giant’s costs jump
Source: Sea Ltd.
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Sea Ltd. rose more than 14% after reporting core gaming revenue grew faster than expected, offsetting a slowdown across the rest of the Southeast Asian internet giant’s business as online activity retreats from pandemic-era heights.
Sea’s gaming arm, its most profitable division, posted sales of $1.14 billion, versus projections for less than $930 million. Its shares climbed to their highest in almost two weeks, helped by a broader rally in New York.