Singapore’s Sea Posts $9 Billion Surge After Cost Cutting Push

Sea Ltd. shares jumped 36% in its biggest-ever single-day jump after the gaming and e-commerce company posted a smaller-than-expected quarterly loss, helped by drastic cost cuts.

Sea has cut about 7,000 jobs, or roughly 10% of its workforce, in the past six months, according to a person familiar with the matter. It has also closed down operations in India and some European and Latin American markets to trim costs. Headcount reduction is an “ongoing exercise,” Chief Corporate Officer Yanjun Wang said on a conference call, signaling more cuts may be in the works.