Singapore-based Sea Limited closed more than 20% higher on Tuesday after the tech giant posted its first-ever positive net income since it was founded in 2009.
Total net income for the fourth quarter of 2022 came up to $422.8 million, up from negative $616.3 million in the same period a year ago.
Tech giant Sea Limited posted a positive net income for the first time in the fourth quarter of 2022.
This comes after Sea’s management pledged cost-cutting measures amid economic uncertainties.
“The positive surprise in fourth-quarter 2022 earnings should provide continued upward momentum for Sea – especially with the path to profitability slightly clearer,” said Jonathan Woo, senior research analyst at Phillip Securities.
The company expects its e-commerce and financial services units to drive revenue moving forward.
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