Sea Limited SE shares are trading higher Tuesday after the company reported better-than-expected financial results.
Sea reported third-quarter revenue of $3.2 billion, which beat average analyst estimates of $3 billion. The company's top-line results were up 17.4% year-over-year.
Sea reported a third-quarter net loss of 66 cents per share, which beat average estimates for a loss of $1.09 per share.
"Given the significant uncertainties in the macro environment, we have entirely shifted our mindset and focus from growth to achieving self-sufficiency and profitability as soon as possible, without relying on any external funding," said Forrest Li, chairman and Group CEO of Sea.
"Over the last quarter, we took decisive actions to improve margins, and set clear goals and priorities for the quarters to come."
Sea lowered its full-year bookings guidance from a range of $2.9 billion to $3.1 billion to a range of $2.6 billion to $2.8 billion. The company said it doesn't expect to provide any guidance for 2023 due to ongoing macro uncertainties.
Sea is a global consumer internet company based in Singapore.
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SE Price Action: Sea has a 52-week high of $355.99 and a 52-week low of $40.67.
The stock was up 20.2% at $55.05 at time of publication, according to Benzinga Pro.
Photo: iqbal nuril anwar from Pixabay.
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