By Sam Boughedda
Investing.com — Sea Ltd (NYSE:SE) stock fell 5% on Tuesday after the company announced a loss per share of 84 cents on revenue of $2.69 billion on Tuesday.
The company missed earnings expectations but beat on revenue, with analysts polled by Investing.com anticipating the per-share loss to be 65 cents on revenue of $2.5 billion. Bookings were $1.2 billion, up 29.2% year-on-year.
Shares of the Singapore-based internet and mobile platform company hit a high of $355.99 before falling to around $325.
"We continued to see strong growth in the adoption of SeaMoney's offerings. The total payment volume for our mobile wallet was US$4.6 billion for the third quarter of 2021, an increase of 111% year-on-year." Sea said.
Looking ahead, Sea raised guidance for e-commerce for the full year. The company expects GAAP revenue for e-commerce to be between $5.0 billion and $5.2 billion, compared to the previous guidance of between $4.7 billion to $4.9 billion.
In addition, the company announced the appointment of Chris Feng as Sea Group's President, starting January 1.