Why Sea Limited Stock Jumped Higher Today
Shares of Sea Limited (NYSE: SE) jumped on Tuesday after financial results surprised investors with strong profitability. As of 10:30 a.m. ET, Sea Limited stock was up almost 15%.
Sea Limited does business in e-commerce, gaming, and financial technology. And until recently, it was growing at breakneck speed. However, steep losses caused management to pull back on growth, even closing up shop in some areas. This brought the stock market's expectations for Sea way down.
In the fourth quarter of 2022, Sea generated revenue of almost $3.5 billion, which was up 7% year over year and far exceeded Wall Street's expectations. But the big surprise was that the company earned $423 million in net income -- roughly a $1 billion swing from its net loss of $616 million in the same quarter last year.
Source Fool.com
