Why Shares of Sea Limited Tanked 8% Today
Shares of southeast Asia e-commerce and video game giant Sea Limited (NYSE: SE) were down 8% today as of 1:30 p.m. ET. It deepens the sell-off the stock has suffered since October when Sea reached its all-time high. Shares have now been nearly halved in value since then.
Image source: Getty Images.
Sea has been using its highly profitable video game segment (publisher Garena, responsible for the international hit Free Fire) to invest in its e-commerce app Shopee. This e-commerce segment is growing at a triple-digit percentage rate but highly unprofitable at this point, and Sea is entering new markets at a rapid pace -- including Latin America, Poland, Spain, and India.
Source Fool.com
