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Sea under pressure to turn profit after COVID-driven growth

Singapore digital group expected to 'improve monetization' as it posts bigger loss

Sea’s Shopee grew rapidly during the pandemic, becoming the most visited online shopping site in Singapore and neighboring countries. (Photo by Kentaro Iwamoto)

SINGAPORE -- Singapore-based online gaming and e-commerce group Sea is turning its focus to improving profitability after growing rapidly over the past year, thanks to strong demand due to COVID-induced stay-at-home rules and on the back of a marketing blitz.

The New York-listed company on Tuesday reported revenue of $4.37 billion for 2020, doubled from 2019 due to heavy demand for e-commerce and online gaming, and a net loss of $1.61 billion, widened from a $1.46 billion loss a year earlier because of massive spending to grab market share.

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