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

Sea Ltd. reported its first-ever profit of $426.8 million in the fourth quarter, helped by drastic cost reductions. The stock gained 22% and added $8 billion to its market value.

March 9, 2023 . 3:38 AM

1 min read

Sea Ltd. reported its first-ever profit of $426.8 million in the fourth quarter, helped by drastic cost reductions.
Sea’s revenue growth slowed dramatically but still exceeded estimates, rising 7.1% to $3.5 billion.
Sea made a stark shift from its previous stance in spending for global expansion, shutting operations in India and some European and Latin American markets.
Sales at Sea's gaming arm Garena slumped, while revenue from SeaMoney, the digital financial services business, almost doubled.
Sea's stock pushed its market valuation to about $45 billion, though that's well below its peak of more than $200 billion in October 2021.