Why Sea Limited Stock Crashed Tuesday Morning
Shares of Sea Limited (NYSE: SE) dropped dramatically early Tuesday, cratering as much as 15.2%. As of 12:30 p.m. ET, the stock was down 14.2%.
The catalyst that sent the tech giant lower was a disappointing earnings report Tuesday morning that signaled choppy waters ahead.
Sea Limited reported second-quarter revenue of $2.9 billion, up 29% year over year, resulting in gross profit that climbed 17%. Unfortunately, slowing revenue growth led to ballooning losses. On a GAAP basis, its net loss of $931 million more than doubled from the year-ago period, resulting in an adjusted loss per share of $0.61.
Source Fool.com
