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Wednesday, March 22, 2023

Shopee parent posts first-ever profit

Regional online giant Sea Ltd seeking to win back investor confidence after painful 2022

A man passes in front of a video wall showing advertisements for Shopee, the e-commerce arm of Sea Ltd, at its office in Singapore. (Photo: Reuters)

SIGNAPORE: Sea Ltd has reported its first-ever profit, a milestone in its turnaround effort as the Southeast Asian gaming and e-commerce giant seeks to convince investors of its money-making potential.

Net income in the fourth quarter of 2022 was US$426.8 million, the Singapore-based parent of Shopee and the gaming firm Garena said in a statement. Analysts had expected a loss of $434 million on average. Revenue growth slowed dramatically but sales still exceeded…

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