What's Going On With Sea Ltd Stock Thursday?

Sea Limited SE stock is trading in a volatile session Thursday amid reports of the Tencent Holding Ltd TCEHY backed consumer internet company relaunching one of its top mobile games in India a year and a half after its ban.

Free Fire India game will be available September 5, Sea's gaming arm, Bloomberg cites Garena. 

Partner Yotta, a unit of India's Hiranandani Group, will provide infrastructure to store data of Indian users on local servers.

The relaunch will boost Singapore-based Sea, which struggled to reverse slowing sales growth amid intensifying competition. 

In 2022, New Delhi banned Sea's blockbuster mobile gaming title, Free Fire, citing security concerns due to its Chinese roots. Investors were concerned regarding India banning Shopee, the second pillar of Sea's business.

Weeks later, Sea shut down its main e-commerce operation in India, blaming "market uncertainties."

Lately, India has banned hundreds of Chinese apps as it battled geopolitical tensions with the country.

In August, Sea reported second-quarter FY23 revenue growth of 5.2% year-on-year to $3.096 billion, missing the consensus of $3.420 billion. Adjusted EPS of $0.54 missed the consensus of $0.69. 

The stock has lost over 28% YTD and 43% last month. At least three analysts downgraded ratings on the stock since the dismal results. At least five analysts cut their price targets on the stock.

Price Action: SE shares traded lower by 0.42% at $37.77 on the last check Thursday.