Sea Limited (SE) Soars 19% on Stellar Earnings

We recently published 10 Stocks on Euphoria. Are You Holding Any? Sea Limited (NYSE:SE) is one of the best-performing stocks on Tuesday.

Sea Limited snapped a two-day losing streak on Tuesday, closing 19.07 percent higher after rallying as high as 21.7 percent at intra-day trading, with investor sentiment bolstered by a stellar earnings performance in the second quarter of the year.

In its updated report, Sea Limited (NYSE:SE) said net income increased by more than fivefold to $414 million from only $79.9 million in the same period last year. Revenues grew 38.2 percent to $5.2 billion from $3.8 billion year-on-year, on the back of strong revenues across all segments.

In the first half, net income attributable to shareholders soared by 1,294 percent to $809 million from only $58.2 million in the same comparable period. Revenues grew by 34.67 percent to $10.1 billion from $7.5 billion year-on-year.

“Given the high potential of our markets and the stage we are at in our business now, we will continue to prioritize growth, which will pave the way for us to maximize our long-term profitability. At the same time, our company has reached a stage where we can pursue growth opportunities while improving profitability,” said Sea Limited (NYSE:SE) Chairman and CEO Forrest Li.

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Founded in 2009, Sea Limited (NYSE:SE) is a leading global consumer internet company that owns brands, namely Shopee, Garena, and Monee.