SE - Why Sea Limited Stock Dropped Today
2023-11-14 14:53:40 ET
Shares of Sea Limited (NYSE: SE) were down 21.5% as of 2:20 p.m. ET after the Singapore-based e-commerce and game-development company announced a surprise quarterly net loss.
Sea's third-quarter revenue grew 4.9% year over year to $3.31 billion, translating to a net loss of $144 million, or $0.26 per share, according to generally accepted accounting principles ( GAAP ). Analysts, on average, were modeling net income of $0.03 per share on lower revenue of $3.11 billion.
Within Sea's top line, e-commerce and other services revenue grew 22.3% year over year to $2.417 billion, including a 31.7% increase in core marketplace revenue to $1.3 billion. Digital entertainment segment revenue fell by more than a third, to $592.2 million.
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Why Sea Limited Stock Dropped Today