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Sea Limited Stock Soars as Shopee Parent Posts Sales Gains in All Divisions

Sea Limited logo on a smartphone screen
Sea Limited is a Singapore-based global conꦯsumer internet company operating three core businesses: ⭕Garena (digital entertainment), Shopee (e-commerce), and SeaMoney (digital financial services).

Cheng Xin / Getty Images

Key Takeaways

  • Sea Limited's first-quarter profit exceeded forecasts as the Singapore-based tech company's divisions posted higher revenue.
  • Sea Limited said the gains came as its e-commerce site had an increase in gross merchandise value, its financial segment saw a rise in its credit business, and the gaming unit grew its user base.
  • The news sent U.S.-listed shares of the firm to their highest point since early 2022.

U.S.-listed shares of Sea Limited (SE) jumped more than 8% Tuesday after the online commerce, banking, and gaming provider posted better-than-expected profit as all three of its units had sales gains.

The Singapore-based firm that operates the Shopee retail site reported GAAP earnings per share of $0.65, while analysts surveyed by Visible Alpha expected $0.51. Revenue rose 30% year-over-year to ♏$4.84 billion, short of forecasts.

E-commerce sales were up 29% to $3.12 billion on higher 澳洲幸运5官方开奖结果体彩网:gross merchandise value. They jumped 58% to $787.1 million at the Digital Financial Services division as the c✤redit business grew, and they added 8% to $495.6 million at the Digital Entertainment segment on a rise in its active user base.

CEO Forrest Li said that the "strong start to the year gives us more confidence of achieving our full-year guidance." 

U.S.-listed shares of Sea Limited traded at their highest level in more than three years.

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