Shopee-owner Sea beats revenue estimates on online shopping surge


A person stands in front of a signage of Southeast Asian e-commerce and gaming group Sea Ltd's, at their office in Singapore March 5, 2021. REUTERS/Edgar Su/ File Photo

(Reuters) - Southeast Asian technology firm Sea Ltd beat estimates for second-quarter revenue on Tuesday, driven by strong growth in its e-commerce and financial services businesses.

The company also said CFO Tony Hou had stepped down from its board of directors.

Revenue rose 23% to $3.81 billion, compared with analysts' consensus estimate of $3.71 billion, according to LSEG.

E-commerce revenue, which makes up about two-thirds of the company's total, grew 34% to $2.8 billion, also above expectations of $2.68 billion.

(Reporting by Yuvraj Malik in Bengaluru; Editing by Devika Syamnath)

Follow us on our official WhatsApp channel for breaking news alerts and key updates!

Next In Tech News

Perplexity, PayPal partner to provide easy payment checkouts to users
Exclusive-Legal startup Harvey AI in talks to raise funding at $5 billion valuation
Google says hackers that targeted UK retail sector are now targeting US retailers
France's Ubisoft full-year net bookings fall 20.5%
Parisian hailed as a hero for helping thwart crypto kidnapping
Uber bets on affordability with shared fixed-route rides, expanded passes
Warner Bros Discovery revives HBO Max branding for global push
AI chipmaker AMD unveils $6 billion buyback plan
AI infrastructure firm TensorWave raises $100 million in latest funding
In Tesla’s wake, more big companies propose voting Dexit" to depart Delaware

Others Also Read