Asia
Sea Shares Hit Two-Year Peak After Shopping Arm Posts Profit
- Biggest unit Shopee returned to profit on an adjusted basis
- The business has waged a fierce battle with TikTok, Alibaba
This article is for subscribers only.
Sea Ltd.’s stock soared to its highest in more than two years after its e-commerce business returned to adjusted profit, a sign it’s holding its own against bigger Chinese rivals like Alibaba Group Holding Ltd.
Its US shares climbed 10.5%, the biggest gain since August. The Singapore-based company reported overall net income that topped estimates at $153.3 million, as well as a better-than-projected 31% rise in revenue to $4.3 billion for the September quarter.