Sea Limited (SE), the consumer internet company based in Singapore, saw its shares rise by more than 5% in pre-market trading on Tuesday, reaching $67.90. This surge followed the release of their first-quarter revenue figures, which surpassed analysts' expectations.
The company reported a revenue of $3.734 billion, marking a 22.8% increase from $3.041 billion in the previous year. This growth was primarily driven by an increase in e-commerce revenue. The consensus estimate from 10 analysts polled by Thomson-Reuters had predicted a revenue of $3.56 billion.
Revenue from e-commerce and other services saw a 30.6% year-on-year increase, reaching $2.950 billion.
Despite the rise in revenue, Sea Limited reported a net loss of $23.66 million, or $0.04 per share, for the first quarter. This contrasts with a net profit of $88.08 million, or $0.15 per share, in the same period last year. The loss was largely attributed to increased expenses. Analysts had anticipated a smaller loss of $0.02 per share.
On Monday, Sea Limited's shares closed at $64.46, reflecting a 0.69% decline. Over the past year, the stock has fluctuated between $34.35 and $79.57.
