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Sea mulls raising funds for e-commerce as quarterly loss triples

Bloomberg
Bloomberg5/16/2018 03:21 PM GMT+08  • 2 min read
Sea mulls raising funds for e-commerce as quarterly loss triples
(May 16): Sea, operator of Southeast Asia’s biggest gaming platform, said it may raise funds to strengthen its balance sheet after its quarterly loss tripled on rising investments at mobile-shopping unit Shopee.
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(May 16): Sea, operator of Southeast Asia’s biggest gaming platform, said it may raise funds to strengthen its balance sheet after its quarterly loss tripled on rising investments at mobile-shopping unit Shopee.

The Singapore-based gaming and e-commerce company said its net loss during the three months ended in March was US$215.6 million, compared with US$73.1 million a year earlier. Total revenue rose 65% to US$155 million.

Sea, which initially modelled itself on Chinese giant Tencent Holdings, has struggled 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 it faces entrenched competition from the likes of Lazada, which is controlled by Alibaba Group Holding. The stock closed Tuesday in New York at US$10.64, 29% below their IPO price of US$15.

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