Sea’s Shares Surge 13% After Gains in Asian Fight With Alibaba

Sea Ltd.’s profit beat sent its shares up the most in nine months, signaling growing investor confidence in its strategy to fend off hard-charging rivals like Alibaba Group Holding Ltd.

Earnings and revenue both exceeded estimates after Southeast Asia’s biggest online retailer attracted more shoppers even as competition intensified in a market rattled by economic and political challenges. The stock rose 13% in New York to close at its highest level since early March.