SE - Why Sea Limited Plunged 43.4% in August
2023-09-08 07:42:00 ET
Shares of Southeast Asian e-commerce, fintech, and gaming company Sea Limited (NYSE: SE) plunged 43.4% in August, according to data from S&P Global Market Intelligence .
Sea held its second-quarter earnings report toward the middle of the month, and investors did not take too kindly to it.
While Sea beat profit estimates amid its impressive turnaround from large losses last year to profits this year across all three of its businesses, a miss on the top line seemed to cause worry. Moreover, CEO Forrest Li's comment that Sea would be returning to investment mode in its e-commerce division fed worries the company is feeling competitive pressures, especially from Tik Tok.
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Why Sea Limited Plunged 43.4% in August