Why Sea Stock Plunged on Tuesday
Shares of Sea Limited (NYSE: SE) were down 28% at 12:04 p.m. ET on Tuesday after the e-commerce and digital entertainment provider reported lower revenue than analysts had expected.
While the company showed significant improvement in profitability, the digital entertainment business reported weak financial results that weighed on the stock's performance.
While management reported that its popular Free Fire mobile game grew active users and paying users quarter over quarter, Sea didn't translate the growth in users to higher top-line growth in the digital entertainment segment, where bookings fell 4% over the previous quarter.
Source Fool.com
