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Singapore’s Sea Soars 22% After Reporting Surprise First Profit

  • Gaming and e-commerce giant is focusing on profitability
  • Southeast Asia firm took dramatic measures to slash costs
Updated on

Sea Ltd. soared after reporting its first-ever profit, a milestone in the Southeast Asian gaming and e-commerce giant’s effort to convince investors of its money-making potential.

The stock gained 22% in US trading and added $8 billion to its market value after the Singapore-based company said net income was $426.8 million in the fourth quarter, helped by drastic cost reductions. Analysts expected a loss of $434 million on average. Sea’s revenue growth slowed dramatically but sales still exceeded estimates, rising 7.1% to $3.5 billion.