Why Sea Limited Was Soaring Today
Shares of Southeast Asian gaming, e-commerce, and fintech platform Sea Limited (NYSE: SE) were up big today, rising 7.2% as of 11:44 a.m. ET.
A broader rise in technology stocks fueled some of the gains, but international e-commerce stocks, particularly those in China and Southeast Asia, were rising by even more.
In company-specific news, Sea also announced it would be closing some nascent operations in frontier markets and making layoffs in its gaming unit. Shareholders have been worried about Sea's ongoing losses and cash burn, so some may have taken this as a good sign.
Source Fool.com
