Sea's Stock Gains After 2Q Revenue Jump
By Dean Seal
American depositary receipts of Sea Ltd. rose after revenue surged 23% in the latest completed quarter.
The stock was up 9.2% at $73.09 in early trading. Shares have risen 80% since the start of the year.
The technology conglomerate behind the Singaporean e-commerce platform Shopee and the popular mobile game Free Fire said revenue rose 23% to $3.81 billion in the second quarter, topping analyst projections for $3.73 billion, according to FactSet.
Chief Executive Forrest Li said the company is expecting Shopee to report positive adjusted earnings before interest, taxes, depreciation and amortization in the third quarter. Sea is also raising guidance for Shopee's full-year gross merchandise value growth.
Write to Dean Seal at dean.seal@wsj.com
(END) Dow Jones Newswires
August 13, 2024 11:07 ET (15:07 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.-
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