Shares of Sea Limited jumped as much as 41% following Tuesday's announcement of its third-quarter financial results, after the company said it will renew its focus on profitability instead of outright, blistering growth.
In early morning Asia time, the stock was trading at about $62.70 in after hours trade. Its previous close came in at $45.80."Given the significant uncertainties in the macro environment, we have entirely shifted our mindset and focus from growth to achieving self-sufficiency and profitability as soon as possible, without relying on any external funding," said Forrest Li, chairman and group CEO of Sea Limited.
In a bid to stem losses, the Singapore-based tech giant has laid off more than 7,000 employees, or around 10% of its workforce, over the past six months,