Sea Ltd SE is trading higher Tuesday after the company announced better-than-expected second-quarter financial results and raised its full-year 2021 guidance.
Sea reported a quarterly earnings loss of 61 cents per share, which came in below the estimate for a loss of 52 cents per share. The company reported quarterly revenue of $2.3 billion, which beat the estimate of $1.93 billion.
Sea expects full-year 2021 bookings for digital entertainment to be in a range of $4.5 billion to $4.7 billion, representing 44.4% growth year over year. The company expects full-year 2021 e-commerce revenue to be in a range of $4.7 billion to $4.9 billion, representing 121.5% growth year over year.
"Our efforts to capture the long-term growth from the shift to digitization across our markets continued to deliver clear and strong results," said Forrest Li, chairman and CEO of Sea.
Sea is an internet company focused on digital entertainment, e-commerce and digital financial services.
Price Action: Sea is making a new 52-week high in trading today.
At last check Tuesday, the stock was up 7.56% at $312.44.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
