Why Sea Limited Stock Blasted Higher on Monday
Sea Limited (NYSE: SE) was cruising nicely above the waves at the start of the trading week. The Singapore-based specialty tech company's shares closed Monday nearly 5% higher, as investors welcomed an analyst's positive take on their company retreating from some tough markets.
That report was published by Reuters, which on Friday morning wrote that Sea's e-commerce operation Shopee will sharply curtail its activities in several major Latin American markets. Citing "people close to the matter," the news agency said that Shopee is to shut local operations in Mexico, Colombia, and Chile, and will fully exit Argentina. Additionally, Sea's gaming division Garena is to lay off hundreds of workers in Shanghai.
Reuters quoted an internal company email it had seen, authored by Shopee Chief Executive Chris Feng, which stated that "in light of the current elevated macro uncertainty," it is necessary for the company to "focus resources on core operations."
Source Fool.com
