SE stock jumped in early trading Monday, after Singapore-based internet services company Sea Limited (SE) posted better-than-expected sales for its December quarter, with strong e-commerce performance.
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In results published early Monday, Sea said it lost 19 cents per share on sales of $3.62 billion for its December quarter. Analysts polled by FactSet, on average, expected a loss of 20 cents on revenue of $3.57 billion.
The loss for this current quarter compares to earnings of 72 cents per share in the same period last year. Sales increased 5% year over year.
On the stock market today, Sea stock is up 12.3% in premarket trading at 57.32. Sea stock has gained 26% in the first two months of 2024 after losing 20% of its value last year.
Sea Stock: E-Commerce Sales Up 23%
Sea is one of the largest internet services providers in Southeast Asia. It operates businesses in digital entertainment, e-commerce, and digital payments and financial services. The company’s products include Shopee, an e-commerce platform that services Southeast Asia and Taiwan; SeaMoney, a digital payments and financial services provider and Garena, a global online games developer.
The company’s shares sank last summer following its second-quarter earnings report, in which Sea leaders said the firm would ramp up investments to better compete in e-commerce. A surprise loss in its third-quarter earnings report three months later led to a similar tumble.
For the December quarter, e-commerce sales increased 23% year over year to $2.6 billion.
Prior to its earnings report, Sea stock reclaimed its 200-day and 40-week lines, according to MarketSurge charts.
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