• Home
  • About
  • Contact
  • Privacy
  • DCMA
  • Terms
  • Sitemap
  • Submit
Oscar Times
  • Home
  • Celebrity
  • Entertainment
  • Fashion
  • Fitness
  • Health
No Result
View All Result
Oscar Times
  • Home
  • Celebrity
  • Entertainment
  • Fashion
  • Fitness
  • Health
No Result
View All Result
Oscar Times
No Result
View All Result
Home Entertainment Games

Sea Game Revenue Tops Estimates, Offsetting E-Commerce Slowdown

May 17, 2022
Reading Time: 2 mins read
0
Sea Game Revenue Tops Estimates, Offsetting E-Commerce Slowdown
Share on FacebookShare on TwitterShare on LinkedinShare on PinterestShare on Reddit

(Bloomberg) — Sea Ltd.’s core gaming revenue grew faster than expected in the first quarter, offsetting a slowdown across the rest of the Southeast Asian internet giant’s business as online activity retreats from pandemic-era heights.

Most Read from Bloomberg

RELATED STORIES

Market Rally Gains Steam: Here's How Aggressive You Should Be

Dow Jones Futures: After Game-Changing Week For Market Rally, Don’t Do This

November 13, 2022
The Incredible Benefits of Seeing an Orthodontist – HealthPhreaks

Anna Kane denies taking dig at ex-husband after cutting his wrist during Oilers’ game against Lightning

November 13, 2022

Sea’s gaming arm, its most profitable division, posted sales of $1.14 billion, versus projections for less than $930 million. Its shares climbed more than 10% in trading before US exchanges opened.

The Singaporean company’s large e-commerce business however underperformed. Consumers emerging from prolonged lockdowns are cutting back on online purchases, especially with the war in Ukraine and rising interest rates clouding the global economic outlook.

Sea revised its full-year outlook for e-commerce sales, its main source of revenue, to $8.5 billion to $9.1 billion from its previous guidance of $8.9 billion to $9.1 billion. The company also posted a wider loss for the first three months as expenses soared.

Read more: Sea Founder Loses $17 Billion in One of Tech’s Biggest Wipeouts

Key Insights

  • The pandemic triggered a rally in online shopping and gaming shares as consumers spent more time and money online, helping Sea become Southeast Asia’s most valuable company. But the broader tech selloff, the shutdown of its e-commerce operation in India and disappointing earnings have wiped 81% off its value since a peak in October.

  • First-quarter revenue from Shopee, Sea’s e-commerce unit, rose 64% to $1.5 billion, versus estimates of $1.7 billion.

  • Revenue from gaming arm Garena gained 45% to $1.1 billion. The company said in March it expects Garena to post $2.9 billion to $3.1 billion in bookings in 2022, set to be its first decline ever.

  • Revenue from SeaMoney, Sea’s digital financial services unit, more than quadrupled to $236 million.

Story continues

Get More

  • Net loss in the first three months widened to $579.8 million from $422.7 million a year earlier. Total revenue climbed 64% to $2.9 billion, the slowest pace of growth in more than four years.

  • Research and development expenses increased 141% to $340.4 million, mainly because of higher staff cost from increased headcount and investment in technologies.

  • Sales and marketing expenses jumped 48% to $1 billion.

  • Shopee’s gross merchandise value, the sum of transactions flowing through its platform, grew 39% to $17.4 billion.

  • Total payment volume for Sea’s mobile wallet rose 49% to $5.1 billion.

  • Sea Ltd Widens FY E-Commerce Revenue Forecast

Market Reaction

Most Read from Bloomberg Businessweek

©2022 Bloomberg L.P.

Source by finance.yahoo.com

Trending Topics

  • Can You Tuck In A Short Sleeve Shirt With Dress Pants?
  • How Do You Wear Men’s Tuxedo Pants?
  • How Can A Woman Dress Simply And Stylishly?
  • A Quick Guide to Wear Formal Office Dress
  • Can I Increase The Size Of The Dress Pants?
  • What Color Shirts go with Black Pants
  • How Many Types Of Pants Are There?

About Us

Oscar Times! possesses a brand that is globally recognizable and multiplatform. Get the latest news about music, sports, movies, pop culture, fashion, beauty, fitness, and politics at your fingertips.

Learn more

Recent Stories

  • Can You Tuck In A Short Sleeve Shirt With Dress Pants?
  • How Do You Wear Men’s Tuxedo Pants?
  • How Can A Woman Dress Simply And Stylishly?
  • A Quick Guide to Wear Formal Office Dress
  • Can I Increase The Size Of The Dress Pants?
  • What Color Shirts go with Black Pants
  • How Many Types Of Pants Are There?

Categories

  • Auto
  • Awards
  • Babies
  • Beauty
  • Business
  • Celebrity
  • Dating
  • Fashion
  • Fitness
  • Food
  • Fragrance
  • Games
  • Hair Care
  • Health
  • Makeup
  • Marketing
  • Movies
  • Music
  • Outfits
  • Real Estate
  • Skincare
  • Tech
  • Travel
  • TV Shows
  • Web Series

Follow Us

Submit A News | Write For Us

Feel free to contact us for submissions queries. Email: [email protected]

  • Home
  • About
  • Contact
  • Privacy
  • DCMA
  • Terms
  • Sitemap
  • Submit

© 2021 Oscartimes.com

No Result
View All Result
  • Home
    • Home – Layout 1
    • Home – Layout 2
    • Home – Layout 3
  • Landing Page
  • Buy JNews
  • Support Forum
  • Pre-sale Question
  • Contact Us