Ahoy there, Sea sailors! Your favorite Singapore supership swung back to a net loss in Q3.
After smooth sailing for three quarters, rougher waters rocked Sea with $144 million in red ink. Thanks 30% higher operating costs.
But it wasn’t all choppy seas. Sea’s revenue climbed 5% to $3.2 billion on the back of ecommerce biz Shopee.
Sea’s gaming arm Garena saw paying users dip though. And financial services revenue, while up, trails rivals.
So as Sea charts a course through tricky macro waters, get ready for some seasickness ahead. Profitability may remain elusive.
But captain Forrest Li says long term returns for shareholders come first. With that compass guiding them, Sea’s ship and crew can weather any storm.
