Why Sea Limited Stock Blasted Higher on Tuesday
Shares of Sea Limited (NYSE: SE) charged sharply higher Tuesday, gaining as much as 17.2%. As of 10:52 a.m. ET, the stock was still up 10.6%.
The catalyst that sent the e-commerce and digital entertainment specialist higher was its quarterly financial report, which illustrated robust growth that was much better than expected.
For the first quarter, Sea Limited generated revenue of $92 billion, up an impressive 64% year over year. The company's bottom line deteriorated, however, with a net loss of $580 million, worsening from a loss of $422 million. This resulted in a loss per share of $0.80.
Source Fool.com
