Sea’s Shares Climb After Big Spending Helps It Fight TikTok
- Adjusted profit, sales top estimates even as competition rises
- Sea is spending to fend off rivals TikTok, Lazada, Temu
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Sea Ltd. gained its most in more than a month after reporting an adjusted quarterly profit and a better-than-expected 2024 outlook, suggesting it’s making headway in fending off hard-charging rivals including TikTok and Alibaba’s Lazada.
Its US shares leapt as much as 14% before closing about 5.6% up, its highest since August. E-commerce gross merchandise volume, or the value of goods sold, climbed a better-than-expected 29%. Sea now predicts GMV will increase in the “high teens” this year, helping it report a profit before interest, taxes, depreciation and amortization.