SIGNAPORE: Sea Ltd has reported its first-ever profit, a milestone in its turnaround effort as the Southeast Asian gaming and e-commerce giant seeks to convince investors of its money-making potential.
Net income in the fourth quarter of 2022 was US$426.8 million, the Singapore-based parent of Shopee and the gaming firm Garena said in a statement. Analysts had expected a loss of $434 million on average. Revenue growth slowed dramatically but sales still exceeded estimates, rising 7.1% to $3.5 billion.
