Sea Limited (NYSE: SE) announced its first quarter FY22 earnings on May 17, 2022, before the market opened. The company reported a loss per share of $0.80, surpassing the Zacks consensus estimated loss of $0.82 per share. Moreover, Sea reported a revenue of $2.9 billion, beating the revenue estimates of $2.72 billion. Therefore, the SE stock soared in the market trading session today due to the strong earnings.
- Total GAAP revenue was US$2.9 billion, up 64.4% year-on-year.
- Total gross profit was US$1.2 billion, up 81.3% year-on-year.
- Total net loss was US$(580.1) million compared to US$(422.1) million for the first quarter of 2021. Total net loss excluding share-based compensation was US$(445.1) million compared to US$(320.0) million for the first quarter of 2021.
- Total adjusted EBITDA was US$(509.9) million compared to US$88.1 million for the first quarter of 2021.
“We recorded solid results across our business in the first quarter of 2022, despite challenging comparisons to the same period last year during heightened COVID-related restrictions. As a result, we are well on track to achieve our previously shared projections of profitability in our Asia markets, while continuing to scale our businesses and capture market share globally. Shopee and SeaMoney continued to enjoy operating leverage and efficiency gain as they scale and strengthen their market leadership positions. With the significant scale, strong leadership and clear synergies achieved by both businesses in Southeast Asia and Taiwan, our consumer internet ecosystem in the region is naturally approaching a stage of long-term profitable growth.”said Forrest Li, Sea’s Chairman and Group Chief Executive Officer
The SE stock was up by 11.93% and traded at $78.72 ( up by 8.39 points) at 9:56 a.m. EDT in the market trading session today. The market capitalization of the SE stock stood at $43.9 billion. The share volume traded for the SE stock was 4,770,702, slightly higher than half of the average trade volume of 9,054,228.