Cheng Xin / Getty Images Sea Limited is a Singapore-based global consumer internet company operating three core businesses: Garena (digital entertainment), Shopee (e-commerce), and SeaMoney (digital financial services).

Key Takeaways

Sea Limited's first-quarter profit exceeded forecasts as the Singapore-based tech company's divisions posted higher revenue. Sea Limited said the gains came as its e-commerce site had an increase in gross merchandise value, its financial segment saw a rise in its credit business, and the gaming unit grew its user base. The news sent U.S.-listed shares of the firm to their highest point since early 2022.

U.S.-listed shares of Sea Limited (SE) jumped more than 8% Tuesday after the online commerce, banking, and gaming provider posted better-than-expected profit as all three of its units had sales gains.

The Singapore-based firm that operates the Shopee retail site reported GAAP earnings per share of $0.65, while analysts surveyed by Visible Alpha expected $0.51. Revenue rose 30% year-over-year to $4.84 billion, short of forecasts.

E-commerce sales were up 29% to $3.12 billion on higher gross merchandise value. They jumped 58% to $787.1 million at the Digital Financial Services division as the credit business grew, and they added 8% to $495.6 million at the Digital Entertainment segment on a rise in its active user base.

CEO Forrest Li said that the "strong start to the year gives us more confidence of achieving our full-year guidance."

U.S.-listed shares of Sea Limited traded at their highest level in more than three years.  TradingView

Read the original article on Investopedia