Sea Limited s (NYSE:SE) stock price lost about a fifth of its value over the past month as rising bond yields sparked a rotation from growth stocks to value stocks. Concerns about the Southeast Asian tech giant s ongoing losses, along with tougher comparisons ahead for its e-commerce and gaming businesses in a post-pandemic world, exacerbated the pain.
Sea s mixed second-quarter report in early March didn t allay those concerns. Its revenue surged 102% year over year to $1.57 billion, beating estimates by $50 million. But its net loss widened from $282 million to $525 million, or $1.06 per share, missing expectations by $0.22.
On the bright side, Sea ended the quarter with a positive adjusted EBITDA of $48.7 million, compared to a loss of $104.9 million a year ago.
Popular platform: Sea forecasts 2021 revenue at Shopee of US$4.5bil to US$4.7bil,
up from US$2.2bill in 2020. Reuters
SINGAPORE: Sea Ltd expects e-commerce revenue to double in 2021, sustaining its torrid pace of growth as South-East Asia’s most valuable company counts on regional online shopping demand to persist after the pandemic.
Revenue rose to US$1.6bil in the last three months of 2020 from US$777.2mil a year earlier, Singapore-based Sea said in a statement. Net loss widened to US$523.6mil from US$283.8mil.
Sea, backed by Tencent Holdings Ltd, has emerged as a stock-market sensation since its initial public offering in New York in 2017, as investors bet the company can establish itself as a leader in e-commerce and gaming in South–East Asia.
Shopee parent Sea s sales double as Asian shoppers go online in pandemic thestar.com.my - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from thestar.com.my Daily Mail and Mail on Sunday newspapers.
BETWEEN Feb 8 and 11, notable shareholding changes included those at
Hwa Tai Industries Bhd, where Lim Kam Seng emerged as a substantial shareholder after purchasing 3.76 million shares or a 5.02% stake. As at May 31 last year, Lim held 550,000 shares or 0.73% equity interest in the biscuit manufacturer via RHB Capital Nominees Sdn Bhd.
In the weeks leading up to the Lunar New Year, the counter rose 63.9% to 59 sen on Feb 11 from its Jan 18 close of 36 sen.
Nadicorp Holdings Sdn Bhd disposed of 20 million shares or a 5% stake in
Konsortium Transnasional Bhd (KTB), paring down its holding to 50.8 million shares or 12.6%. As at July 1 last year, Nadicorp which is KTB’s penultimate holding company and the vehicle of Nadicorp chairman Tan Sri Mohd Nadzmi Mohd Salleh was the second largest shareholder of KTB with 100.8 million shares or a 25.02% stake.