2023-03-07 07:17:48 ET
Sea Ltd. ( NYSE: SE ) shares jumped more than 11% in premarket trading after the Singapore tech giant reported fourth-quarter results that blew past Wall Street expectations, led by strength in its e-commerce unit.
For the period ending December 31, Sea ( SE ) earned an adjusted 72 cents per share as revenue rose 7.1% year-over-year to $3.45B. Analysts were expecting a loss of 55 cents per share on $3.05B in revenue.
Included in the figure was $2.1B in revenue from its e-commerce division, a rise of 31.8% year-over-year, as consumer continued to flock to its Shopee platform.
The company also generated $948.9M in revenue from digital entertainment in the period, up from $892.9M in the year-ago period, while revenue attributed to digital financial services soared 92.5% year-over-year to $380.2M.
In a statement , Forrest Li, Sea's ( SE ) Chairman and CEO said the company is "closely monitoring" the global economic uncertainty, but the company looks well positioned to compete.
"Given the macro uncertainty and our recent strong pivot, we are closely monitoring the market environment and we will continue to adjust our pace and fine-tune our operations accordingly," Li said. "While there may be near-term fluctuations in our performance, we remain highly confident in the long-term growth potential of our markets and fully focused on capturing this opportunity."
The company is holding a conference call at 7:30 a.m. EST to discuss the results.
Last month, Duquesne Family Office, the hedge fund owned by billionaire Stanley Druckenmiller, disclosed that it had exited its position in Sea Ltd. ( SE ) during the fourth-quarter, while making several other changes to its portfolio .
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Sea Ltd. surges as Q4 results top expectations, aided by e-commerce