Sea Limited (NYSE:SE), a Singapore-based company that owns the e-commerce site, is seeing its stock surge over 10% this morning after reporting earnings.
Sea reported net income of $331 million, 54 cents per share fully diluted, on revenue of for the three months ending in June.
Shares were trading this morning at about $74, with a market capitalization of over $42.6 billion. So far in 2024, SE stock is up 92%.
Shopee Wee!
Analysts disagreed on the meaning of the numbers, but traders bid the stock up anyway. Tokenist said the second quarter results were . Bloomberg said the results .
Shopee competes with several other Southeast Asian market makers for the loyalty of sellers and influencers. These include Alibaba Group Holding’s (NASDAQ:BABA) Lazada, Pinduoduo’s (NASDAQ:PDD) Temu and ByteDance’s TikTok. Shopee has been it charges merchants after a cost-cutting drive.
Shopee recently had to of large job cuts in Indonesia. The rumors began after Shopee there to conform with the country’s competition law. Indonesia charged Shopee Indonesia with favoring its own delivery service over others.
While cutting back in some areas, Shopee has increased its marketing budget. It recently signed to become the of ASEAN’s Club Championship, a version of the soccer Champion’s League for Southeast Asia.
TipRanks lists Sea stock as . Some 15 of 20 analysts are telling clients to buy it, and a price target of $80.65. Traders at Stocktwits are also on the stock.
SE Stock: What Happens Next?
Competition is intensifying among Southeast Asia’s online shopping sites. The winners are making even Amazon (NASDAQ:AMZN) sweat.
On the date of publication, Dana Blankenhorn held a LONG position in AMZN. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
On the date of publication, the responsible editor did not have (either directly or indirectly) any positions in the securities mentioned in this article.
