Asian e-commerce and gaming institution Sea Ltd. (SE) reported third-quarter results aboriginal Tuesday that bushed connected gross but showed a wider than expected loss. SE banal dropped.
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The Singapore-based institution reported an adjusted nonaccomplishment of 84 cents a stock connected gross of $2.7 billion. Analysts expected Sea to study a 67-cent nonaccomplishment per stock connected gross of $2.5 billion, according to FactSet Research. Revenue jumped 122% from the year-ago period
SE stock, which had climbed much than 4% successful premarket trading and touched a bargain point, reversed sharply. SE banal tanked 4.7% to 327.15 during day enactment connected the stock marketplace today. Sea banal had been trading wrong a flat base, with a bargain constituent of 359.94. It's grounds precocious is 372.70 acceptable connected Oct. 19.
However, with the crisp reversal SE banal undercut caller lows and fell beneath its 50-day moving average, arsenic good arsenic the 21-day and 10-week moving averages, each antagonistic signals.
SE Stock: Three Core Businesses
Sea has 3 halfway net businesses — integer entertainment, e-commerce and fiscal services, called Garena, Shopee and SeaMoney, respectively.
Sea besides raised e-commerce guidance for the afloat twelvemonth of 2021. It expects e-commerce gross to beryllium betwixt $5 cardinal and $5.2 billion, representing 135% maturation from 2020 astatine the midpoint. The erstwhile guidance was $4.7 cardinal to $4.9 billion.
Sea says it has some the largest integer amusement level and the largest e-commerce cognition successful the Southeast Asia region. Quarterly progressive users of its integer amusement products reached 729 million, up 27.4%. It had 93.2 cardinal paying users, up 43%.
The institution was named the IBD Stock Of The Day connected Oct. 11, astatine a clip erstwhile SE banal was closing successful connected a grounds high.
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