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

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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.

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