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.
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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.
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So as Sea charts a course through tricky macro waters, get ready for some seasickness ahead. Profitability may remain elusive.
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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.