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Sea posts surprise loss on hefty e-commerce investments, shares fall

November 14, 2023
Source: reuters.com reuters.com
News Snapshot:
Nov 14 (Reuters) - Singapore-based Sea (SE.N) reported a surprise third-quarter loss as the Southeast Asian tech giant prioritized growth over profits by pouring money into its e-commerce business, sending its shares more than 17% lower on Tuesday. Rising competition from Alibaba Group's (9988.HK) Lazada and ByteDance's TikTok, along with new entrants like PDD's (PDD.O) Temu, have forced Sea to revamp its playbook this year, with warnings that the increased e-commerce investments may lead to losses in some quarters. "The entrance of new players has intensified competition in our markets ... we will prioritize investing in the business (e-commerce) to...
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