(Reuters) – Southeast Asian technology firm Sea Ltd missed estimates for second-quarter revenue on Tuesday, as consumers held back spending on Internet and discretionary services.
U.S.-listed shares of Sea tanked 14% in trading before the bell.
Revenue grew over 5% from a year earlier to $3.10 billion, compared with analysts’ estimate of $3.20 billion, according to Refinitiv data.
In the three months ended June 30, revenue from e-commerce, which contributes about two-thirds of the company’s top-line, grew about 21% to $2.1 billion from a year earlier, but missed expectations of $2.25 billion.
(Reporting by Yuvraj Malik in Bengaluru; Editing by Krishna Chandra Eluri)
