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Sea Limited’s e-commerce arm, Shopee, turned positive adjusted EBITDA for the first time in the fourth quarter of 2022. The group also posted its first-ever positive net income in the quarter.
Rafael Henrique | Sopa Images | Lightrocket | Getty Images
Singapore-based Sea Limited closed more than 20% higher on Tuesday after the tech giant posted its first-ever positive net income since it was founded in 2009.
Total net income for the fourth quarter of 2022 came up to $422.8 million, up from negative $616.3 million in the same period a year ago.
That’s partly due to a $746 million reduction in sales and marketing expenses, as management pledged to reduce costs during the previous quarter’s…
Source cnbc.com
