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Sea stock fell 10.4% in premarket Tuesday.
Sea reported revenue of $3.10 billion for the second quarter, missing the estimated figure of $3.26B. Earnings per share came in at $0.54, again lower than the consensus of $0.66.
“In the second quarter of 2023, we delivered strong results, building upon many of the key initiatives we shared previously,” said Forrest Li, Sea’s chairman and Group chief executive officer.
“In the past couple of quarters, we have not only achieved self-sufficiency, but also demonstrated the profitability of our model and our ability to manage fast and significant shifts in operational focus as we see fit. Given this, we have strengthened our execution capabilities and increased the stickiness of our ecosystem. We believe we are now on firmer footing to better serve our communities.”
The company’s e-commerce revenue amounted to $2.32B, exceeding the estimated $2.25B. However, the company’s digital entertainment revenue was reported as $529.4 million, slightly below the estimated $535.3M.
