Why Sea Limited Stock Plunged Underwater on Thursday
A stock in the beleaguered tech sector, Sea Limited (NYSE: SE) had an awful Thursday. Disquieting news about the state of the company, plus a bearish analyst note, combined to drive the share price down by more than 4% on the day -- a far worse showing than the 1.5% slide of the S&P 500 index.
That morning, well before market open, Bloomberg reported that Sea is freezing salaries for the bulk of its workforce and trimming bonuses. The financial news agency, citing an internal company memo authored by CEO Forrest Li, said these moves are aimed at bolstering profitability following a challenging 2022.
This year has seen more setbacks than victories for the Singapore-based mobile gaming and e-commerce company. It booked a series of bottom-line losses, made fairly deep cuts in its employee rolls, and discontinued operations outside of its core Asia-Pacific market.
Source Fool.com
