(Reuters) -Sea Ltd beat third-quarter revenue estimates on Tuesday, helped by steady growth in its e-commerce, entertainment and financial services businesses, sending shares of the Southeast Asian technology firm up nearly 10% before the bell.
The company’s e-commerce platform, Shopee, reported growth in purchases across Southeast Asia and Taiwan as consumers prepared for the upcoming holiday and travel season.
Shopee achieved adjusted core profit in the third quarter in Asia and Brazil, said Sea CEO Forrest Li.
The application is available mostly in South East Asia and Brazil after exiting India, and some markets in Europe and Latin America.
“As we continue to focus on delivering growth, we expect Shopee to remain profitable going forward,” he added.
E-commerce revenue, which makes up more than two-thirds of the company’s total business, grew 42.6% to $3.2 billion in the quarter ended Sept. 30, compared with expectations of $2.92 billion, according to data compiled by LSEG.
Gross orders in e-commerce grew 24.2% to 2.8 billion.
The company, which has diversified into digital finances and entertainment to tap into growing demand for such services, said its total revenue jumped 30.8% to $4.33 billion in the quarter, above analysts’ consensus estimate of $4.08 billion.
The financial services business, which is home to digital payments and financial services provider SeaMoney, reported revenue growth of 38%, beating estimates of a 21.7% increase.
(Reporting by Akash Sriram in Bengaluru; Editing by Shinjini Ganguli)
Disclaimer: This report is auto generated from the Reuters news service. ThePrint holds no responsibilty for its content.