Singapore's Sea stock jumps 21% as online retail arm returns to black

New York-listed company logs record revenue despite Chinese rivals' entry

Singapore-based Sea's group revenue rose 30.8% to a record $4.3 billion in the July-September quarter. © Reuters

TSUBASA SURUGA, Nikkei staff writer

November 13, 2024 01:02 JST

SINGAPORE -- Shares in Singaporean tech group Sea jumped as much as 21% in early New York trading on Tuesday after the company reported the e-commerce business returning to black on an adjusted basis after a year of reinvestment to fend off competition.

For the July-to-September quarter, Sea's online retail arm Shopee posted a profit of $34.4 million on an adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) basis, reversing a $346.5 million loss the same period a year ago.