Shopee-owner Sea's profit miss overshadows strong e-commerce gains
Adds costs in paragraph 4, Shopee forecast in paragraph 6, segment revenue in paragraphs 7,8 and profit in paragraph 9
Aug 13 (Reuters) -Southeast Asian technology firm Sea Ltd SE.N reported a higher-than-expectedrevenue for the second quarter andraised its forecast for e-commerce platform Shopee, but a jump in costs pushed profit below estimates.
A global economic slowdown has forced the company to streamline its businesses and cut thousands of jobs, after Sea's meteoric run in 2020 and 2021, when pandemic-led demand had lifted revenues and helped it expand beyond Southeast Asian markets.
Exiting India, and some markets in Europe and Latin America, as well as raising fees charged to sellers on its platform, helped the company achieve its first annual profit last year.
In the second quarter, however, its total operating expenses jumped 29% to $1.50 billion.
Stiff competition from Tokopedia, a unit of Indonesia's GoTo Gojek Tokopedia GOTO.JK and Temu, a unit of China-based PDD Holdings PDD.O, has led to increased marketing spending at Shopee, according to a J.P.Morgan note from June.
Still, CEO Forrest Li said the businesswill deliver an adjusted core operating profit in the third quarter, withthe gross merchandise value (GMV) for the platform expected to growmid-20% this year. Its earlier forecast from March was for2024 GMV growth in the high teens range.
E-commerce revenue, which makes up about two-thirds of the company's total, grew 34% to $2.8 billion, above analysts' expectations of $2.68 billion, according to LSEG data.
Bookingsat its digital entertainment segment, which includes gaming unit Garena,grew astronger-than-expected 21%, while sales from itsfinancial services business SeaMoneywere up 21.4%, just shy of estimates.
Sea's total revenuerose 23% to $3.81 billion in the quarter ended June 30, beating estimates of$3.71 billion, while itsnet profit declined to $79.9 million from$331 million last year.
On a per share basis, the company earned 14 cents, below estimates of18 cents.
Sea also said CFO Tony Hou had stepped down from its board of directors.
Reporting by Yuvraj Malik in Bengaluru; Editing by Devika Syamnath
Eng oxirgi yangiliklar
Javobgarlikdan voz kechish: XM Group korxonalari har biri faqat ijro xizmatlarini koʻrsatadi va onlayn savdo platformamizdan foydalanish huquqini beradi, bu odamga veb-saytda yoki veb-sayt orqali mavjud boʻlgan kontentni koʻrish va/yoki undan foydalanishga ruxsat beradi hamda uni oʻzgartirishga moʻljallanmagan va uni oʻzgartirmaydi yoki kengaytirmaydi. Bunday kirish va foydalanish huquqi doimo quyidagilarga boʻysunadi: (i) Shartlar va qoidalar; (ii) Risklar haqida ogohlantirish; va (iii) Javobgarlikni toʻliq rad etish. Shuning uchun bunday kontent umumiy maʼlumot sifatida taqdim etiladi. Xususan, shuni esda tutingki, bizning onlayn savdo platformamiz mazmuni moliyaviy bozorlarda biror bitimni amalga oshirishga oid maslahat yoki taklif emas. Har qanday moliyaviy bozorda savdo qilish sizning kapitalingiz uchun jiddiy risk darajasini oʻz ichiga oladi.
Onlayn savdo platformamizda chop etilgan barcha materiallar faqat taʼlim/axborot maqsadlari uchun moʻljallangan va unda moliyaviy, investitsiya soligʻi yoki savdo maslahatlari va tavsiyalar; yoki bizning savdo narxlarimizning qaydlari; yoki har qanday moliyaviy vositalar bilan bitim tuzish maslahati yoki taklifi; yoki sizga kerak boʻlmagan moliyaviy reklama aksiyalari hisoblanmaydi
Har qanday uchinchi tomon kontenti, shuningdek XM tomonidan tayyorlangan kontent, masalan: fikrlar, yangiliklar, tadqiqotlar, tahlillar, narxlar va boshqa maʼlumotlar yoki bu veb-saytda joylashgan uchinchi tomon saytlariga havolalar umumiy bozor sharhi sifatida "boricha" taqdim etiladi va investitsiya maslahatini tashkil etmaydi. Har qanday kontent investitsiya tadqiqoti sifatida talqin qilinsa, siz bunday kontentni investitsiya tadqiqotlarining mustaqilligini ragʻbatlantirish uchun moʻljallangan qonun talablariga muvofiq moʻljallanmagan va tayyorlanmaganligini eʼtiborga olishingiz va qabul qilishingiz kerak, shuning uchun unga tegishli qonunlar va qoidalarga muvofiq marketing kommunikatsiyasi sifatida qaraladi. Mustaqil boʻlmagan investitsiya tadqiqoti va yuqoridagi maʼlumotlarga oid risk haqida ogohlantirishimizni oʻqib chiqqaningizga va tushunganingizga ishonch hosil qiling, unga bu yerdan kirish mumkin.
