Shopee-owner Sea tops quarterly revenue estimates on e-commerce strength

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Southeast Asian technology firm Sea Ltd beat estimates for first-quarter revenue on Tuesday, driven by strong performance of e-commerce unit Shopee, sending U.S.-listed shares of the company up 7 per cent in premarket trading.

FILE PHOTO: A lanyard showing logos of Southeast Asian e-commerce and gaming group Sea Ltd is pictured at its office in Singapore, March 5, 2021. REUTERS/Edgar Su/File Photo

Sea's total revenue grew 23 per cent to $3.73 billion in the quarter ended March 31, compared with analysts' average estimate of $3.56 billion, according to LSEG data. The $37 billion-firm had a meteoric run in 2020 and 2021, when pandemic-led demand lifted revenues and helped it expand beyond the Southeast Asian markets.Exiting India, Europe and some Latin American markets, among other initiatives, helped the company achieve its first annual profit last year.

 

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