It has been challenging to be an investor in Sea Ltd (NYSE: SE) , the gaming and e-commerce conglomerate based out of Singapore. A year ago, everyone was celebrating the young company's never-ending success: record revenue, expansion of TAM thanks to its entry into Latin America and India, and others.
A year later, Sea's growth story has taken a significant turnaround. India banned the mobile gaming unit Garena while the Shopee e-commerce service exited India and a few European markets, to mention a few of the recent problems. A closer look at the company's first-quarter result for 2022 provides an updated version of its story in three parts: the good, the bad, and the ugly.
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Sea Ltd: The Good, the Bad, and the Ugly