Asian e-commerce and gaming company Sea Limited (SE) reported second-quarter results early Tuesday that topped revenue estimates as it raised guidance. SE stock jumped.
Based in Singapore, Sea reported an adjusted loss of 61 cents a share on revenue of $2.28 billion. Analysts expected Sea to report an adjusted loss of 49 cents a share on revenue of $2.06 billion.
The 159% revenue gain marked the third straight quarter of accelerating year-over-year growth.
Sea Ltd. also raised full-year guidance for games and e-commerce.
“We expect bookings for digital entertainment to be between $4.5 billion and $4.7 billion, representing 44.4% growth from 2020 at the midpoint of the revised guidance,” the company said in its earnings release. “We also expect GAAP revenue for e-commerce to be between $4.7 billion and $4.9 billion, representing 121.5% growth from 2020 at the midpoint of the revised guidance.”
SE Stock Recently Hit A Record High
SE stock jumped 6.1%, closing at 308.27 on the stock market today. Shares fell 5.3% on Monday after hitting a record high on Friday.
Sea says it has both the largest digital entertainment platform and the largest e-commerce operation in the Southeast Asia region, comprising Indonesia, Taiwan, Vietnam, Thailand, the Philippines, Malaysia and Singapore. Its market reach extends to Latin America.