Singapore’s Sea Soars 22% After Reporting Surprise First Profit

Sea Ltd. soared 22% in US trading after reporting its first-ever profit of $426.8 million in the 4th quarter of 2022. Sea took drastic measures to slash costs, cutting thousands of jobs, freezing salaries and slashing $700 million from sales and marketing expenses.

March 8, 2023 . 3:45 PM

1 min read

Sea Ltd. soared 22% in US trading, adding $8 billion to its market value after reporting its first-ever profit of $426.8 million in the 4th quarter of 2022.
Revenue grew 7.1% to $3.5 billion in the 4th quarter of 2022.
Sea took drastic measures to slash costs, cutting thousands of jobs, freezing salaries and slashing $700 million from sales and marketing expenses.
Revenue from Shopee, Sea’s e-commerce unit, gained 32%, while sales at its gaming arm Garena slumped and revenue from SeaMoney, its digital financial services business, almost doubled.
Sea’s market valuation stands at $45 billion, well below its peak of more than $200 billion in October 2021.