Sea’s Growth Evaporates Along With Southeast Asia’s Mobile Boom
- Southeast Asia online businesses are facing economic headwinds
- Gaming and e-commerce giant has shifted focus on profitability
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Revenue growth at Sea Ltd. is set to grind to a halt, a dramatic reversal of the triple-digit percentages that once made the gaming and e-commerce giant a symbol of Southeast Asia’s internet boom.
The company is likely to post a 5.8% year-on-year decline in sales for the December quarter when it reveals results on Tuesday, based on the average of analysts’ estimates. That would be the first decline on record and reflects a retreat from markets in India, Latin America and Europe, as well as a salary freeze and other austerity measures to drive profitability over market share growth.