Why Sea Stock Plunged Today
Shares of Sea Limited (NYSE: SE) have plunged today, down by 8% as of 12:25 p.m. EDT, after the company reported second-quarter earnings. Losses widened, but the Singapore-based digital platform specialist raised its guidance for 2019.
Total adjusted revenue in the second quarter more than tripled to $665.4 million, topping the consensus estimate of $613.5 million in sales. That included adjusted digital revenue of $443.2 million and adjusted e-commerce revenue of $177.4 million. Sea's adjusted net loss widened 8% to $215.1 million, or $0.49 per share. That was better than the $0.51 per share in adjusted losses that analysts were expecting.
Image source: Sea.
Source Fool.com
