The Gulf Time Newspaper One of the finest business newspapers in the UAE brought to you by our professional writers and editors.
Bloomberg
Sea Ltd, Southeast Asia’s most valuable company, more than doubled revenue in the first quarter, though losses swelled as it spent to ward off competition in the regional e-commerce and online entertainment arenas. Sales rose to $1.76 billion in the three months ended March from $714.9 million a year earlier, the Singapore-based company said. Net loss widened to $422.7 million from $281.5 million.
Sea’s American depositary receipts rose 4.2% in US trading. They have more than tripled in the past year, valuing the company at $118 billion.
The company, traded in New York, is locked in a fierce battle with Gojek and Grab Holdings Inc, with all three companies bolstering their e-commerce and payment offerings in one of the fastest-growing internet markets on the planet. Southeast Asia’s online spending is set to triple to more than $300 billion by 2025, research from Google and its partners shows.
Ride-hailing and delivery giant Gojek and e-commerce platform PT Tokopedia announced a deal to create the largest internet company in Indonesia, by far the biggest market for tech companies in Southeast Asia. Grab, which provides car-sharing, delivery and fintech services, agreed last month to go public in the US through a combination with Altimeter Growth Corp, the largest-ever merger with a blank-check company.