Sea's Stock Drops After Unexpected 3Q Loss

By Dean Seal

Shares of Sea Ltd. fell after the company logged an unexpected loss in the third quarter despite higher sales.

The stock was down 9% at $41.90 in premarket trading. When the market closed Monday, shares had already fallen 11.5% year-to-date.

The technology conglomerate company posted a loss of $144 million, or 26 cents a share, compared with a loss of $569.3 million, or $1.01 a share, in the same quarter a year ago.

Analysts surveyed by FactSet had been expecting a profit of 12 cents a share.

Revenue rose 4.9% to $3.31 billion, above analyst projections for $3.17 billion, according to FactSet.

Digital entertainment revenue fell by a third to $592.2 million, but revenue from e-commerce and other services rose 22% to $2.42 billion. Sales of goods rose 5.1%.

Write to Dean Seal at dean.seal@wsj.com

(END) Dow Jones Newswires

November 14, 2023 09:24 ET (14:24 GMT)

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