- Sea Limited (NYSE:SE) shares are trading lower Tuesday after it disclosed disappointing First-quarter results. The Alibaba Group Holding Limited (NYSE:BABA) rival reported first-quarter FY23 revenue growth of 4.9% year-on-year to $3.04 billion, missing the consensus of $3.06 billion.
- Digital Entertainment revenue decreased 52.5% Y/Y to $539.69 million, and bookings were $462.3 million versus $543.6 million a year ago. The segment-adjusted EBITDA was $230.1 million, compared to $258.2 million a year ago.
- Quarterly active users were 491.6 million, compared to 485.5 million for the previous quarter.
- Average bookings per user were $0.9 versus $1.1 a quarter ago.
- E-commerce and other services revenue increased 36.3% Y/Y to $2.1 billion. Adjusted EBITDA for Shopee overall was $207.7 million versus $(742.8) million a year back.
- Marketplace revenue grew 45.5% Y/Y.
- Digital Financial Services revenue grew 75% Y/Y to $412.8 million.
- Adjusted EPS of $0.35 missed the consensus of $0.39. Sea Ltd held $7.2 billion in cash and equivalents.
- The company booked a goodwill impairment of $117.9 million associated with its prior acquisition.
- Price Action: SE shares traded lower by 17.46% at $72.76 on the last check Tuesday.
Ecolab Says ‘we expect our overall performance to improve sequentially in the second half, though full year earnings will be impacted by increasing currency translation headwinds’
While the economic environment remains complex and unpredictable, we assume growth will continue, inflation will remain higher for longer and currency translation impacts become more challenging. With the global energy
