Singapore's Sea Limited posts first profitable year amid efforts to defend market share against Lazada, TikTok
Publishing timestamp: 2024-03-04 23:08:29
Summary
Sea Limited posted its first profitable year in 2023, with net income of $162.7 million compared to a net loss of $1.7 billion in 2022. The company's New York-listed shares closed 5.58% higher as investors reacted positively to the results. Sea's e-commerce arm Shopee gained market share despite competition, and the company expects 2024 to be profitable as well. Analysts upgraded Sea's stock and raised price targets based on positive trends in growth and profitability.
Sentiment: POSITIVE
Keywords: business news, sea ltd, asia economy, technology, alibaba group holding ltd, internet, earnings, breaking news: technology,
Source: https://www.cnbc.com/2024/03/05/singapores-sea-limited-posts-first-profitable-year.html