Sea Forecasts Growth in E-Commerce Sales to Soothe
Sea Ltd tried to soothe and reassure its investors by forecasting growth in e-commerce revenue after
losing half of its market capitalization in just a few months. The Singapore-based company expects
the revenue to grow unabated as it expands in the Latin American market.
Sea Ltd expects its main business of e-commerce sales to increase to $8.9 billion to $9.1 billion in
2022 from 2021 sales of $5.1 billion. Digital entertainment bookings from digital entertainment
would be $3.1 billion, a drop from 2021. In the fourth quarter, the company’s revenue doubled to
$3.22 billion. The company faced a higher net loss of $617.6 million, up from $523.6 million,
because it spent on new geographies to gain more market share
Sea wants to consolidate its early success in Brazil, where it had launched its eCommerce business in
2019. It faces tough competition from Mercado Libre Inc., the Latin American e-commerce giant.
On the other side, Shoppe, the online shopping arm of Sea in France, is pulling out after only a few
months of maiden launch in the European market.
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