2023-08-15 08:54:42 ET
- Singapore tech giant Sea Limited ( NYSE: SE ) plunged more than 11% in pre-market trading on Tuesday after second-quarter revenue missed estimates.
- For the period ending June 30, Sea ( SE ) earned 54 cents per share as revenue rose 5.2% year-over-year to $3.1B. Included in that was $2.1B in e-commerce revenue, which was negatively impacted by 380 basis points due to foreign currency headwinds.
- The company also generated $529.4M in digital entertainment revenue during the quarter, down from $539.7M in the prior quarter. Prior to earnings, Seeking Alpha Investing Group Leader Julian Lin said investors would be looking for stabilization in the unit.
- Digital financial services revenue rose 53.4% year-over-year to $427.9M, while non-performing loans remained "stable" at around 2% of the portfolio.
- Analysts were expecting the company to earn 46 cents per share on $3.25B in revenue.
For further details see:
Sea Limited plunges as Q2 sales miss estimates