Singapore's Sea to deepen cost cuts after nearly $1bn Q2 loss

NYSE-listed group 'rapidly prioritizing profitability,' pauses e-commerce guidance

E-commerce site Shopee's parent company Sea says its efforts to improve efficiency involve more than just job cuts. © Reuters

TSUBASA SURUGA, Nikkei staff writer

August 17, 2022 00:14 JST

Updated on August 17, 2022 05:31 JST

SINGAPORE -- Singapore-based tech group Sea will "rapidly" prioritize profitability after more than doubling its quarterly loss, shifting its stance on overseas expansion during the pandemic amid global uncertainties.

The New York Stock Exchange-listed company on Tuesday posted a net loss of $931 million for the quarter ended June, widening from $433 million a year earlier on higher overhead costs and allowances for credit losses.