News Formal

Sea’s Cofounders Lose $1.7 Billion Overnight As Tech Giant’s Earnings Disappoint

  • 📰 Forbes
  • ⏱ Reading Time:
  • 19 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 11%
  • Publisher: 53%

Business News News

Business Business Latest News,Business Business Headlines

Singapore-baed Sea Ltd. disappointed investors with first-quarter earnings that came in well below analysts’ expectations, sending its NYSE-listed shares tumbling 18% overnight.

... [+]Wei Leng Tay/Bloomberg

The digital gaming and e-commerce firm said Tuesday that its net profit for the quarter ended March 31 was just over $87 million, compared to a net loss of $580 million from a year earlier. Sea’s bottom line was hit hard by a $118 million goodwill impairment charge that pushed it well below the consensus analyst estimate of $224 million, as compiled by Bloomberg.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 394. in BUSİNESS

Business Business Latest News, Business Business Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Sea’s Cofounders Lose $1.7 Billion Overnight As Tech Giant’s Earnings DisappointSingapore-baed Sea Ltd. disappointed investors with first-quarter earnings that came in well below analysts’ expectations, sending its NYSE-listed shares tumbling 18% overnight.
Source: Forbes - 🏆 394. / 53 Read more »

Debt ceiling may be 'lose-lose' situation for stocks: Morgan StanleyThe debt-ceiling standoff may be a 'lose-lose' situation for stocks, Morgan Stanley's top strategist says
Source: BusinessInsider - 🏆 729. / 51 Read more »