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Singapore's Sea hit by slower revenue growth amid profitability focus

NYSE-listed tech company posts second straight quarterly profit with cost cutting

Sea's group revenue expanded 5% for the latest quarter compared with over 100% growth in much of 2020 and 2021.   © Reuters

SINGAPORE -- Singapore-based tech group Sea is marking a significant slowdown in top-line growth as the company continues to focus on profitability through aggressive cuts in promotional expenses after years of expansion.

The New York Stock Exchange-listed company on Tuesday posted net income of $87.2 million for the January-March quarter, a turnaround from a $580.1 million loss in the same period a year ago, on the back of stronger e-commerce and fintech services. But group revenue for the latest quarter expanded just 5% on the year to $3 billion, the slowest growth rate over the past three years.

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