Sea Ltd. Reports Q3 Loss Amid Intense E-Commerce Competition

Company's Shares Plunge 22%, Cofounders' Net Worths Drop $995 Million

Sea Ltd., a Singapore-based internet giant, reported a third-quarter net loss of $144 million, ending three consecutive quarters of profit.
The company's shares fell 22%, causing the net worths of billionaire cofounders Forrest Li and Gang Ye to drop by $995 million.
Revenue from its e-commerce business Shopee, which contributes about two-thirds of the company’s top line, increased by 16.2% year-over-year to $2.2 billion, its slowest growth rate to date.
Sea's gaming unit saw its revenue fall by 33.7% year-over-year to $592 million, while its digital financial services arm saw its revenue rise by 36.5% year-over-year to $446 million.
Sea's market cap has fallen nearly 90% from its all-time high in the aftermath of the Covid-19 pandemic and hiking interest rates.