Sea Ltd has recorded a 64.4% YoY increase in its GAAP revenue at $2.9 billion in the first quarter of 2022 while gross profits soared 81.3% YoY to $1.2 billion indicating improved overall profitability from last year.
The markets cheered the results with Sea Ltd’s share price increasing 14.76% to $81.71 as valuations have become more attractive. Sea Ltd now trades on 1.9x FY2023E EV/sales, which looks attractive relative to peers given its higher growth rates.
