limited sea (SE) earlier Tuesday delivered a surprise profit as it crushed sales and earnings expectations in the fourth quarter. SE shares rose in early trading.
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Sea earned 72 cents a share on revenue of $3.45 billion in the December quarter. Analysts had expected Sea to report a loss of 64 cents a share on revenue of $3.05 billion. In the prior-year period, Sea lost $1.12 cents a share on sales of $3.22 billion.
Headquartered in Singapore, Sea operates one of the largest e-commerce and digital entertainment platforms in Southeast Asia. It also provides financial services.
“We are starting 2023 on a much stronger footing,” Chief Executive Forrest Li said in a press release. “Our decisive turn to focus on efficiency and profitability since the end of last year is already driving significant improvements in results.”
He added: “As we continue this transition and maintain our focus on sustainable growth, our focus is to do less but do better as we serve our users across our digital ecosystem.”
SE shares jump in Q4 report
SE shares were up 9.6% at 71.99 in pre-trade action on the stock market today.
In addition, SE’s stock is ranked 15th out of 58 stocks in IBD’s Internet Retail Industry Group, according to IBD Stock Checkup. He has a poor IBD composite score of 38 out of 99.
The IBD Composite Rating is a combination of key fundamental and technical metrics to help investors assess a stock’s strengths. The best growth stocks have a composite rating of 90 or better.
Follow Brian Deagon on Twitter at @IBD_BDeagon for more information on technology stocks, analysis and financial markets.
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