Singapore-based Sea Ltd on Tuesday (March 7) posted its first quarterly profit, as the gaming and e-commerce company benefited from major cost cuts it undertook to offset a post-pandemic slowdown in demand. Shares of the company soared over 15 per cent in morning trading. The Southeast Asian firm had shuttered operations in some countries, cut jobs, and slashed its spending...
A person stands in front of a signage of Southeast Asian e-commerce and gaming group Sea Ltd's, at their office in Singapore, on March 5, 2021.Singapore-based Sea Ltd on Tuesday posted its first quarterly profit, as the gaming and e-commerce company benefited from major cost cuts it undertook to offset a post-pandemic slowdown in demand.The Southeast Asian firm had shuttered operations in some countries, cut jobs, and slashed its spending on marketing, as part of its turnaround plan.
"We exited or downsized operations in non-core markets, streamlined our pipeline with investments and project closures and deprioritised non-core initiatives," Chief Executive Officer Forrest Li said. The company's net income attributable to shareholders was US$426.8 million, or 72 cents per share, compared with a loss of US$617.6 million, or US$1.12 per share, a year earlier.
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