Singapore's Sea announces wider-than-expected loss, group president's exit

Singapore's Sea announces wider-than-expected loss, group president's exit

Photo: Sea Group website

Online gaming and e-commerce firm Sea Ltd reported a larger-than-expected fourth-quarter loss and the departure of its president, who was the public face of the company during its listing in the United States last year.

The Singapore-based firm, which counts China’s Tencent Holdings as its biggest shareholder, saw its losses magnified by marketing expenses for its new e-commerce division, which more than tripled to $135 million in the quarter as the firm rolled out shipping and other promotions to snag new users.

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