Sea Ltd missed first-quarter profit estimates on Tuesday (May 16) as it set aside more money for loans that could go sour in its digital finance services business, sending the Singapore-based company's shares down about 10 per cent in premarket trading. The Singapore-based e-commerce and digital entertainm
Sea Ltd missed first-quarter profit estimates on Tuesday as it set aside more money for loans that could go sour in its digital finance services business, sending the Singapore-based company's shares down about 10 per cent in premarket trading.
But Sea's shares have lost 75 per cent of their value in 2022, as benefits from the pandemic fizzled out and inflation slammed the brakes on consumer spending. Provision for credit losses at its digital financial services segment also rose 120.5 per cent to US$177.44 million.
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