Sea Limited stock increased by almost 41% as the group continued its focus on growth

November 17, 2022: -Shares of Sea Limited surged nearly 41% following the announcement on Tuesday regarding its third-quarter financial results after the company said it would renew its aim on profitability instead of outright, blistering growth.

The stock was trading at about $62.70 after-hours in early morning Asia. Its previous close entered in at $45.80.

“Given the huge uncertainties in the macro environment, we have shifted our mindset and focus from increase to achieving self-sufficiency and profitability, without relying on external funding,” said Forrest Li, chairman and CEO of Sea Limited.

Shares of Sea Ltd are decreased over 70% year-to-date. The firm owns the online shopping area Shopee and gaming arm Garena, two of its prime money-making divisions.

The company came down into the red in the third quarter, which ended in September, as adjusted EBITDA loss expanded to $358 million. That’s related to the $166 million loss in the same period in the previous year.

EBITDA is a measure of profitability that witnesses the revenue before interest, taxes, devaluation and amortization.

In stem losses, the local media stated that the Singapore-based tech giant has laid off exceeding 7,000 employees, or almost 10% of its workforce, in the past six months.

In September, its top management announced it would forgo salaries “until the company reaches self-sufficiency.”