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Sea loss widens on investment in Shopee e-commerce platform

Bloomberg
Bloomberg8/22/2018 07:00 PM GMT+08  • 3 min read
Sea loss widens on investment in Shopee e-commerce platform
(Aug 22): Sea Ltd., operator of Southeast Asia’s biggest gaming platform, posted a wider quarterly loss as it invests in building up e-commerce platform Shopee.
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(Aug 22): Sea Ltd., operator of Southeast Asia’s biggest gaming platform, posted a wider quarterly loss as it invests in building up e-commerce platform Shopee.

The net loss was US$250.8 million ($342.8 million) in the three months ended June compared with a loss of US$92.1 million a year earlier, Singapore-based Sea said in an emailed statement. Total revenue at the company rose to US$183.8 million from US$101.5 million.

Sea, which counts Chinese giant Tencent Holdings Ltd. as its biggest shareholder, has struggled with losses since an initial public offering in October amid widening losses. The company has invested heavily to expand beyond games into payments and e-commerce, where Shopee takes on Tokopedia and Lazada, both of which are backed by Alibaba Group Holding Ltd.

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