Sea’s Q1 net loss widens to US$445.1m as gaming arm loses steam
The company has also turned cautious on e-commerce, lowering the bottom band of its revenue forecast.
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SINGAPORE-BASED tech giant Sea posted a US$445.1 million net loss (excluding share-based compensation) for Q1 ended March, wider than the US$320 million loss a year ago, as both its gaming and e-commerce businesses come under pressure.
The New York-listed company, which owns game developer Garena and online shopping platform Shopee, saw Q1 revenue surge 64.4 per cent year-on-year to US$2.9 billion.
But Sea has turned cautious on Shopee – the company revised its e-commerce revenue forecast to be between US$8.5 billion and US$9.1 billion for FY2022, compared to the previous guidance of between US$8.9 billion and US$9.1 billion.
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