Latest news with #OliviaPoh
Business of Fashion
14-05-2025
- Business
- Business of Fashion
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 company's American depositary receipts jumped as much as 8.4 percent in New York 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 percent to $4.84 billion, roughly in line with estimates. The results suggest online retail arm Shopee is having success fending off ByteDance Ltd.'s TikTok and Alibaba Group Holding Ltd.'s Lazada across Southeast Asia. Newer contenders like Shein and PDD Holdings Inc.'s Temu are also targeting the region of more than 675 million people, where more shoppers are moving online. In a display of its strength, Shopee has been steadily raising the commissions it charges merchants in many core markets by about a third since the start of last year. The hikes, which bring Shopee's fees far above its rivals, show that Sea is confident it can attract and retain merchants, helped by a broad user base and well-established delivery services. Shopee's first-quarter revenue rose 28 percent to $3.5 billion. Meanwhile, Sea's aggressive cost-cutting drive, including thousands of job cuts, has helped the company pad its bottom line. Shopee's sales and marketing expenses as a percentage of its gross merchandise volume contracted, reflecting the cost reductions. Besides the tough competition, Sea's challenges include US-imposed tariffs that could hit the fragile economies of the emerging markets where it operates, souring consumer sentiment. While the company has curtailed its international expansion, it's grown in markets such as Brazil to diversify its customer base. Sea is also betting on new initiatives in areas from digital finance to logistics to convince investors of its long-term earnings potential. Its finance arm — now known as Monee — has overtaken its gaming arm in terms of revenue. What Bloomberg Intelligence says Sea's high-margin advertising services and logistics strength should further improve earnings at its e-commerce segment. Its use of generative AI to improve product discovery should convert more platform visitors into buyers. That would raise the appeal of its ecosystem to merchants looking to place ads. Its well integrated, first-party logistics enable it to deliver orders in two days or less in its home market of Southeast Asia, an edge that could extend to Brazil. That would help Sea defend against TikTok's plan to expand e-commerce in Brazil, says analyst Nathan Naidu. By Olivia Poh Learn more: Shopify Sees Second-Quarter Revenue Above Market Estimates The Ontario-based e-commerce company forecast second-quarter growth in the mid-twenties percentage range.
Bloomberg
17-04-2025
- Business
- Bloomberg
This CEO Wants You to Know He Didn't Steal Money While Cooking the Books
Welcome to Tech In Depth, our daily newsletter with reporting and analysis about the business of tech from Bloomberg's journalists around the world. Today, Olivia Poh tells the story of a SoftBank-backed startup that went astray. AMD's chip curbs: Advanced Micro Devices expects to take a charge of as much as $800 million after the Trump administration imposed new restrictions limiting the flow of chips to China. The company said it will seek the appropriate export licenses, but can't guarantee it will receive them.
Bloomberg
22-03-2025
- Business
- Bloomberg
Rain Soaks Singapore as Scientists Worry About ‘Burst Flooding'
Welcome to Singapore Edition. Each week we bring insights into one of Asia's most dynamic economies. If you haven't yet, please sign up here. This waterlogged week, Mary Hui looks at a rising threat of flash flooding, Olivia Poh follows the changes looming in the nation's ride-hailing industry and Alfred Cang tells a cautionary tale from the nation's booming family office business.
Yahoo
12-03-2025
- Business
- Yahoo
Salesforce to invest $1 billion in Singapore to grow AI product
By Olivia Poh (Bloomberg) – Salesforce plans to invest $1 billion in Singapore over the next five years, joining other US technology companies in betting on growth in Southeast Asia. The outlay is aimed at expanding products such as its new artificial intelligence platform, the company said in a statement Wednesday. Salesforce has an AI research hub in Singapore, and it has been investing in the city-state for almost two decades. The top maker of customer management software has focused on pushing 'Agentforce,' which is meant to complete tasks such as customer service without needing direction from a person. Salesforce launched the product in October, and has cited its use by customers such as Singapore Airlines. Still, Salesforce faces tough competition from rivals like Microsoft and ServiceNow, which are pursuing similar visions. 'In a world of AI and robotics, there's going to be a lot of rebalancing of the labor force and of society,' Salesforce Chief Executive Officer Marc Benioff said at an event in Singapore Wednesday morning. 'Agentic technology is the next wave – I already know Singapore is going to lead it.' More stories like this are available on ©2025 Bloomberg L.P.
Yahoo
04-03-2025
- Business
- Yahoo
Grab buys Malaysia supermarket chain to add to grocery push
By Olivia Poh (Bloomberg) – Southeast Asia ride-hailing leader Grab is buying a chain of supermarkets in Malaysia, adding to its push to expand in groceries in one of its key markets. The company is acquiring Everrise supermarkets from Navis Capital Partners, giving it 19 stores in the eastern Sarawak state. Grab didn't disclose the deal value in its statement on Monday. Grab plans to digitise Everrise's operations and offer on-demand grocery delivery to its customers. The deal follows its purchase of bigger Malaysian chain Jaya Grocer three years ago. Southeast Asia's largest ride-hailing and food delivery player is pushing into new areas, such as online banking and groceries, amid intense competition with rivals such as Indonesia's GoTo Group. More stories like this are available on ©2025 Bloomberg L.P.
