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Singapore's Sea posts 1st quarterly profit after drastic cost cuts

NYSE-listed tech giant's e-commerce arm swings into black, while gaming shrinks

Sea laid off about 10% of its total workforce over six months through late 2022.   © Reuters

SINGAPORE -- Singapore-based tech group Sea on Tuesday reported its first quarterly profit since going public five years ago, as restructuring efforts that included cutting thousands of jobs and freezing salaries started to pay off.

The New York Stock Exchange-listed firm posted net income of $422 million for the October-December period, a turnaround from a $616 million loss in the same period a year ago. Group revenue totaled $3.45 billion, up 7% on the year.

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