Singapore E-Commerce Giant Sea Is Up After Topping Estimates
- Southeast Asia e-commerce leader faces tough competition
- TikTok, Temu, Alibaba all seek bigger slice of region’s market
This article is for subscribers only.
Shares of Sea Ltd. jumped after the Southeast Asia e-commerce giant reported first-quarter earnings that exceeded analysts’ estimates, a sign that it has been successfully navigating fierce competition from the likes of ByteDance Ltd.’s TikTok.
The stock rose 3.7% after the market opened in New York on Tuesday. The Singapore-based internet firm posted adjusted earnings before interest, taxes, depreciation and amortization of $401 million. While that’s a 21% decline from a year earlier, it topped the $222 million analysts expected on average. Sales also beat estimates, and the net loss of $23.7 million was narrower than analysts predicted.