Sea Limited Gains On Quarterly Results That Beat The Street

(RTTNews) - Shares of Sea Limited (SE) are rising more than 15% in the morning trade on Tuesday after reporting better-than-expected first-quarter results.

The company reported net loss of $579.81 million or $1.04 per share in the first quarter, wider than 422.69 million or $0.82 per share in the same quarter a year ago, on higher expenses.

Excluding one-time items, loss was $445.1 million or $0.80 per share, that beat the average estimate of analysts polled by Thomson Reuters of $1.17 loss per share.

Revenue for the quarter increased 64.4% year-on-year to $2.9 billion, driven primarily by growth in e-commerce and digital financial services businesses. The consensus estimate stood at $2.8 billion.

Looking forward, the company sees revenue for e-commerce to be between $8.5 billion and $9.1 billion compared with the previous guidance of $8.9 billion-$9.1 billion.

SE, currently at $81.40, has traded in the range of $54.06- $372.70 in the past 52 weeks.