Why Shopee Parent Sea's Stock Is Soaring Tuesday
Key Takeaways
- Shopee parent Sea Limited reported strong sales from its e-commerce and financial services units, sending its U.S.-listed shares higher Tuesday.
- Sea's third-quarter revenue was up 30.8% from a year ago to $4.33 billion, exceeding forecasts.
- E-commerce sales jumped 42.6%, and financial services sales added 38%.
Sea Limited's (SE) U.S.-listed shares jumped Tuesday after the Singapore-based company posted better-than-expected sales on strong demand for its e-commerce and financial services.
The parent of the Shopee marketplace reported third-quarter revenue soared 30.8% to $4.33 billion, well above the $4.06 billion expected by analysts surveyed by Visible Alpha. Sea posted earnings per share (EPS) of 24 cents, swinging from a loss of 26 cents per share a year ago, though that missed forecasts.
Sea's e-commerce sales jumped 42.6% to $3.2 billion, with gross orders up 24.2% to 2.8 billion. Sales at the Digital Financial Services unit rose 38% to $615.7 million. However, Digital Entertainment division sales dropped 15.9% to $497.8 million.
Sea shares were up close to 11% in intraday trading Tuesday, and have more than doubled in value since the start of the year.
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