Sea posts another profitable quarter, but weighed down by gaming woes
Shopee continues to grow with Brazil in focus, but Garena faces challenges.
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GAMING and e-commerce giant Sea posted its second profitable quarter in a row, with US$87.3 million in net profit for Q1 ended March 31, a reversal of the US$580.1 million net loss in the year-ago period.
But jittery investors sent Sea shares down 13.1 per cent to US$76.58 as of 9.43 pm (Singapore time) on Tuesday (May 16). This came amid a weaker showing in gaming division Garena, which dragged on the New York-listed company’s topline.
Sea’s revenue for the quarter was up 4.9 per cent to US$3 billion. This growth was thanks to its e-commerce arm Shopee and other services, for which revenue surged 50.7 per cent to US$2.3 billion.
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