Sea Profit Tops Estimates as Online Shoppers Keep Spending
Sea Ltd. reported profit that topped analysts' estimates, a sign that the Southeast Asian e-commerce leader is holding up well against fierce rivals TikTok and Lazada.
The stock jumped as much as 10% in US pre-market trading after Sea reported net income of $410.8 million for the first quarter through March, compared with a year-earlier loss. Analysts predicted $353.4 million on average. Sales climbed 30% to $4.84 billion, roughly in line with estimates.
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