By Dave Sebastian
Sea Ltd. said its loss widened for the first quarter as expenses more than doubled, although revenue rose.
The Singapore-based company on Tuesday posted net loss attributable to ordinary shareholders of $422.7 million, compared with a loss of $281.5 million. It reported a loss of 82 cents a share, compared with 61 cents a share in the prior year.
Revenue rose to $1.76 billion from $714.9 million. Analysts polled by FactSet were looking for $1.84 billion.
Digital-entertainment revenue rose to $781.3 million from $369.7 million due to an increase in the company's active user base and deepened paying user penetration, the company said. E-commerce and other services revenue rose to $772.4 million from $266.5 million due to the growth in the scale of the company's e-commerce marketplace.
Operating expenses rose to $993.8 million from $474.5 million as Sea spent more on sales and marketing, staff compensation and research and development.
The company, which went public in the U.S. in 2017, operates digital-entertainment business Garena, e-commerce platform Shopee and digital payments and financial services unit SeaMoney.
Write to Dave Sebastian at dave.sebastian@wsj.com
(END) Dow Jones Newswires
May 18, 2021 07:11 ET (11:11 GMT)
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