- Sea Limited ( NYSE: SE ) shares surged nearly 40% on Tuesday as the Singapore-based technology company reported third-quarter results that handily surpassed expectations.
- For the period ending September 30, Sea Limited ( SE ) said it lost an adjusted 66 cents per share on $3.2B in sales, compared to estimates of an adjusted loss of 95 cents per share and $3.01B in sales.
- The company, which operates the popular Shopee platform, added that e-commerce revenue grew 32.4% year-over-year to $1.98B.
- While investors praised the third-quarter results, the company said that it was lowering its full-year bookings outlook.
- "We now expect bookings for the full year of 2022 to be between US$2.6 billion and US$2.8 billion, as compared to the previous guidance of between US$2.9 billion to US$3.1 billion," the company said in a statement.
- Earlier this month, J.P. Morgan analyst Ranjan Sharma upgraded Sea ( SE ) to overweight from neutral on expectations of improved profitability.
- On Monday it was reported that Sea Limited ( SE ) laid off more than 7,000 employees over the past six months as it improves its profitability .
For further details see:
Sea Limited surges nearly 40% as investors enthused by Q3 beat