Sea Plunges 22% After Unexpected Loss From Rising Competition
- Southeast Asia’s biggest internet firm faces tough new rivals
- E-commerce growth slowing in region amid macroeconomic hurdles
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Sea Ltd. plummeted after reporting a surprise loss in the third quarter, hit by intensifying competition from Alibaba Group Holding Ltd. and ByteDance Ltd. on its home turf.
The stock fell 22% in New York trading — wiping out about $6 billion in market value — after the company posted a net loss of $149 million, compared with a profit of $322 million the previous quarter. Analysts had estimated the e-commerce and gaming company would report a profit of about $100 million.