Singapore’s Sea shares tumble 14%

Bloomberg

Sea Ltd posted a bigger loss than expected and withdrew its 2022 e-commerce forecast, joining other online giants struggling to gauge an increasingly uncertain global economic outlook.
Its shares dived 14% in New York, wiping $800 million off the wealth of founder Forrest Li. Once Southeast Asia’s most-valuable company, Sea’s shares have now fallen almost 80% since peaking in October.
It’s been a steep downfall for one of Singapore’s most prominent tycoons, whose fortune has tanked almost $17 billion from its highs. Li’s net worth of $5.1 billion now makes him the fourth-wealthiest in the city-state, according to the Bloomberg Billionaires Index.
The downbeat result came after Sea cut its full-year e-commerce revenue outlook in May, to a low of $8.5 billion versus $8.9 billion previously.
Shoppers emerging from pandemic lockdowns are cutting back on online purchases, shifting toward essentials during a potential recession.
The suspension of e-commerce revenue guidance “will no doubt send unease to investors sentiment,” said Alicia Yap, analyst at Citigroup Inc.