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@lappiloco:$Sea Ltd(SE)$ Sea Ltd. posted a bigger loss than expected and withdrew its 2022 e-commerce forecast, joining other online giants struggling to gauge an increasingly uncertain global economic outlook. Its shares dived 14% in New York, wiping $800 million off the wealth of founder Forrest Li. Once Southeast Asia’s most-valuable company, Sea's shares have now fallen almost 80% since peaking in October. Its been a steep downfall for one of Singapore’s most prominent tycoons, whose fortune has tanked almost $17 billion from its highs. Li’s net worth of $5.1 billion now makes him the fourth-wealthiest in the city-state, according to the Bloomberg Billionaires Index. Sea Tumbles as Macro Uncertainties Cloud Outlook: Street Wrap The downbeat result came after Sea cut its full-year e-commerce revenue outlook in May, to a low of $8.5 billion versus $8.9 billion previously. Shoppers emerging from pandemic lockdowns are cutting back on online purchases, shifting toward essentials during a potential recession. The suspension of e-commerce revenue guidance “will no doubt send unease to investors sentiment,” said Alicia Yap, analyst at Citigroup Inc. Sea, which counts Tencent Holdings Ltd. as its biggest investor, has suffered a run of setbacks this year, including a sudden ban of its most popular mobile game in India and the subsequent closure of its e-commerce operations there. The company has been trying to boost profitability as topline growth plateaus. Second-quarter sales rose 29% to $2.9 billion, the slowest growth in almost five years. Definitely a good idea to buy and hold.
$Sea Ltd(SE)$ Sea Ltd. posted a bigger loss than expected and withdrew its 2022 e-commerce forecast, joining other online giants struggling to gauge an increasingly uncertain global economic outlook. Its shares dived 14% in New York, wiping $800 million off the wealth of founder Forrest Li. Once Southeast Asia’s most-valuable company, Sea's shares have now fallen almost 80% since peaking in October. Its been a steep downfall for one of Singapore’s most prominent tycoons, whose fortune has tanked almost $17 billion from its highs. Li’s net worth of $5.1 billion now makes him the fourth-wealthiest in the city-state, according to the Bloomberg Billionaires Index. Sea Tumbles as Macro Uncertainties Cloud Outlook: Street Wrap The downbeat result came after Sea cut its full-year e-commerce revenue outlook in May, to a low of $8.5 billion versus $8.9 billion previously. Shoppers emerging from pandemic lockdowns are cutting back on online purchases, shifting toward essentials during a potential recession. The suspension of e-commerce revenue guidance “will no doubt send unease to investors sentiment,” said Alicia Yap, analyst at Citigroup Inc. Sea, which counts Tencent Holdings Ltd. as its biggest investor, has suffered a run of setbacks this year, including a sudden ban of its most popular mobile game in India and the subsequent closure of its e-commerce operations there. The company has been trying to boost profitability as topline growth plateaus. Second-quarter sales rose 29% to $2.9 billion, the slowest growth in almost five years. Definitely a good idea to buy and hold.Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.