Sea reports wider loss after Tencent cuts stake, Temasek and Bridgewater jump in
$Sea(SE.US$
Sea Limited recorded wider losses amid a myriad of market challenges. Its stock has slumped as Tencent Holdings $Tencent(TCEHY.US$ sold, while big guns like Temasek Holdings $Temasek Holdings(BK2536.US$ to Bridgewater Associates $Brigewater Holdings(BK2122.US$ jumped in.
Sea Limited recorded wider losses amid a myriad of market challenges. Its stock has slumped as Tencent Holdings $Tencent(TCEHY.US$ sold, while big guns like Temasek Holdings $Temasek Holdings(BK2536.US$ to Bridgewater Associates $Brigewater Holdings(BK2122.US$ jumped in.
The Tencent-backed consumer technology group said net loss more than doubled to US$931.2 million in the second quarter, missing consensus estimates of about US$655 million based on Refinitiv data. Revenue jumped 29 per cent to US$2.9 billion, driven by a 51 per cent jump in e-commerce revenue.
Its American depositary shares tumbled 14 per cent to US$77.43 in New York overnight. They have plunged 65 per cent so far this year, erasing US$80.5 billion of its market capitalisation and substantially eroding the fortune of its billionaire founder Forrest Li Xiaodong.
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