Sea Limited (NYSE: SE) shares tumbled Tuesday after the Singapore-based technology company reported earnings before the open. Its first-quarter revenue came in at $3.04 billion, less than the $3.06 billion expected from analysts polled by StreetAccount. Sea Limited also reported GAAP earnings of 15 cents per share. However, it wasn’t clear if that was comparable to a StreetAccount forecast.
Sea Ltd. said it had it had $2B in total loans receivable as of March 31, though it had $281.1M in net allowance for credit losses and $177.4M in provision for credit losses, up 120.5% year-over-year.
Revenue related to e-commerce during the quarter was $2.1B, up 36.3% year-over-year, as consumers continued to flock to its Shopee platform.
Despite the increase in loan loss provisions, Sea generated $87.3M in net income during the period and $507.2M in adjusted EBITDA. It also ended the period with $7.2B in cash on its balance sheet, up $257.5M from the prior period.
Sea also said that David Ma, the previous Chief Investment Officer of Sea Capital, would leave that role and join the company's board of directors, effective yesterday.
SE shares stumbled $11.53, or 13.1%, $76.61.
