Reported 11 days ago
Sea Ltd. experienced a significant stock surge, reaching its highest point in over two years, after its e-commerce division achieved adjusted profit, indicating resilience against competitors like Alibaba. The company reported a net income of $153.3 million and a revenue increase of 31% to $4.3 billion for the September quarter, easing concerns about its online retail platform, Shopee. In a competitive market, Sea has raised merchant fees, confident in its ability to attract vendors, while Shopee's gross merchandise volume rose by 25% to $25.1 billion. CEO Forrest Li expressed optimism for Shopee's continued profitability going forward.
Source: YAHOO