Sea’s market decline reaches US$132bil

Market response: A person walking past a Sea signage at the company’s office in Singapore. Sea gave a muted forecast for its digital entertainment unit and its shares fell 13% in United States trading. — Reuters

SINGAPORE: Sea Ltd, once the hottest stock in the world, has lost more than US$130bil (RM545.09bil) in market value from its peak last year after a disappointing earnings report that added to its woes.

The Singapore-based company gave a muted forecast for its digital entertainment unit and its shares fell 13% in United States trading. That cut US$11bil (RM46.12bil) from its market valuation, pushing its total decline to US$132bil (RM553.4bil) from its high in October.