Sea on Tuesday reported a second quarterly profit following its first ever profitable quarter at the end of 2022, marking a continuation of the group's recovery after the company aggressively cut costs and retrenched workers.
The Singapore-based gaming and e-commerce company reported net income totalling US$87.3 million (S$116.8 million) for the first quarter of 2023 compared with a net loss of US$580.1 million for the first quarter of 2022.
This came on the back of revenues totalling US$3.04 billion for the quarter, up 5 per cent year on year.
Despite reporting overall growth, Sea's stock commenced trading on Tuesday in the United States below US$77 each, down by almost 13 per cent.
The company's performance fell short of analysts' predictions for first-quarter net income of US$223 million.
This story is from the May 17, 2023 edition of The Straits Times.
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This story is from the May 17, 2023 edition of The Straits Times.
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