Singaporean tech firm Sea Ltd missed first-quarter profit estimates on Tuesday (May 16), as its digital entertainment revenue halved and it took a one-time charge of more than US$100 million (S$134 million). Sea shares dropped 12.5 per cent to US$77.05 and headed for their worst day in six months, dulling this year's strong gains booked on a cost-cutting plan involving...
Singaporean tech firm Sea Ltd shares dropped 12.5 per cent to $77.05 on Tuesday, May 16, 2023, the worst day in six months.Singaporean tech firm Sea Ltd missed first-quarter profit estimates on Tuesday , as its digital entertainment revenue halved and it took a one-time charge of more than US$100 million .
The company's operating expenses fell by more than a fifth in the quarter ended March 31, with marketing spends down 60.2 per cent. It helped Singapore-based Sea report a profit of $87.3 million, compared with a loss of US$580.1 million a year ago. Sea also doubled the funds it set aside for potentially sour loans in its SeaMoney financial services business to US$177.44 million, as the unit's loan book grew.
Sea is also facing a slowdown in gaming and online shopping demand, after a pandemic-led boom that had helped it hit a peak market value of over US$200 billion in late 2021. Its shares are down 76 per cent from their record high.
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