Sea's Stock Slumps After 2Q Sales Growth Misses Expectations
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Dow Jones
By Dean Seal
Shares of the technology conglomerate company Sea Ltd. declined after the company's second-quarter sales came in below analyst projections.
The stock is down 11% at $50.80 in premarket trading. When the market closed Monday, shares were down by more than a third over the past 12 months.
On Tuesday morning, Singapore-based Sea reported a profit of $331 million, or 54 cents a share, from a loss of $931.2 million, or $1.67 a share, in the same quarter a year ago.
Sales rose 5.2% to $3.1 billion, but missed analyst forecasts for $3.26 billion, according to FactSet.
Write to Dean Seal at dean.seal@wsj.com
(END) Dow Jones Newswires
August 15, 2023 07:23 ET (11:23 GMT)
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