Singapore’s Sea Has Smaller-Than-Expected Loss on Cost Cuts
- Southeast Asia tech giant has slashed jobs to curb expenses
- Shares rise in pre-market trading after losing 80% this year
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Sea Ltd.’s quarterly loss swelled less than analysts had estimated, helped by measures to curtail expenses as the Singapore online company’s growth slows.
The adjusted loss before interest, taxes, depreciation and amortization widened to $357.7 million from $165.5 million a year ago, the company said Tuesday. Analysts had estimated $457.4 million on average. The net loss amounted to about $569 million, little changed from a year earlier.