Sea Limited shares slid 17% to $38.06 in early trading on Tuesday after the Singapore-based consumer internet company announced an unexpected loss of $0.26 per share for its third quarter of 2023 on revenue that rose 5% year over year to $3.31 billion.
The analyst consensus forecast was for a profit of $0.12 per share on $3.17 billion in sales, according to data compiled by FactSet.
"In this current period, we will prioritize investing in the business to increase our market share and further strengthen our market leadership," Sea’s CEO Forrest Li said in a statement.
The company ended the quarter with cash, cash equivalents, short-term and other treasury investments of US$7.9 billion as of September 30, 2023, which was a net increase of US$274.0 million from the end of 2Q.
Shares of Sea Ltd (NYSE:SE) have fallen 28% year to date.
Contact Sean at sean@proactiveinvestors.com