World’s Hottest Stock Gains Another 9% After Doubling Revenue
- Tencent-backed Sea Ltd. is riding Asia’s internet boom
- Sea Ltd. was the world’s hottest stock over the past 18 months
Source: Sea Ltd.
This article is for subscribers only.
Sea Ltd. jumped 9% after reporting a doubling in revenue, providing more ammunition to investors betting the Singaporean company backed by Tencent Holdings Ltd. could become the next Asian internet colossus.
Sea’s total revenue rose to $882 million in the three months ended June, driven by growth at e-commerce platform Shopee and gaming arm Garena. Its shares gained their most in a month even though it reported net losses widened more than 40% to $393 million, cementing its position as the world’s best-performing large-cap stock over the past 18 months.