Asia
Sea Profit Tops Estimates as Online Shoppers Keep Spending
Shopee has been steadily raising the commissions it charges merchants in many core markets by about a third since the start of last year.
Photographer: Nicky Loh/Bloomberg
Sea Ltd. reported profit that topped analysts’ estimates, a sign that the Southeast Asian e-commerce leader is holding up well against fierce rivals TikTok and Lazada.
The company’s American depositary receipts jumped as much as 8.4% in New York after Sea reported net income of $410.8 million for the first quarter through March, compared with a year-earlier loss. Analysts predicted $353.4 million on average. Sales climbed 30% to $4.84 billion, roughly in line with estimates.