A Shopee delivery worker meets his customer / Photo credit: Shopee
Sea shares on the New York Stock Exchange (NYSE) soared as investors reacted positively to its surge in second-quarter earnings.
The Singapore-based company closed 18.9%, or US$27.89, up at US$174.12 on Tuesday.
Its shares have climbed 64.1% in the year to date and quadrupled since Sea’s low of US$34.82 at the start of 2024.
The firm reported a 418.3% increase in its second-quarter earnings, which reached US$414.2 million.
This was driven by a 38.2% revenue growth to US$5.3 billion for the quarter – largely due to the performance of Sea’s ecommerce arm Shopee and digital financial services arm Monee.
Shopee is the largest ecommerce platform in Southeast Asia. It also has operations in Latin America.
Revenue for Shopee grew 33.6%, while Monee sales rose 70% in Q2 to US$882.8 million. Bookings at Garena, Sea’s gaming division, increased 23.2%.
Forrest Li, CEO of Sea, said in a statement that the company will continue to prioritize growth to maximize its long-term profitability.
See also: Sea Group’s financial health in 7 charts
This story was republished with permission from The Business Times. It was moderately edited to reflect Tech in Asia’s editorial guidelines.
Editing by Mina Deocareza
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