Singapore's Sea Group turns profitable for the first time
Publishing timestamp: 2023-03-08 00:29:35
Summary
Singapore-based tech giant Sea Limited posted its first-ever positive net income in the fourth quarter of 2022, driven by cost-cutting measures and growth in its e-commerce and financial services units. While its gaming unit Garena saw a decline in revenue, e-commerce arm Shopee and digital payments unit SeaMoney continued to see strong growth. Sea's management pledged to focus on efficiency and profitability amid economic uncertainties, and the positive earnings report has led to a surge in its stock price. However, there are still macro headwinds and declining gross merchandise value trends that could delay its path to profitability.
Sentiment: POSITIVE
Tickers: SE,
Keywords: business news, earnings, internet, gaming software, asia economy, sea ltd, technology,
Source: https://www.cnbc.com/2023/03/08/singapores-sea-group-turns-profitable-for-the-first-time.html