Geopolitical and viral waves are crashing down at $70 billion Sea . After falling some 30% since the start of the year, the Southeast Asian giant’s New York shares shed another 13% on Tuesday following damp revenue guidance in its mainstay mobile gaming business for 2022.
Sea’s lucrative gaming division has been funding an ambitious expansion in its other businesses: the unit’s 71.5% full-year gross profit margin was four times the level it achieved in e-commerce. But founder and boss Forrest Li expects video-game sales to fall 30% in 2022. Forecasts for runaway topline growth at the loss-making shopping and financial technology businesses is scant consolation.
Gamers are spending less time online and a ban on its hit game “Free Fire” is biting in India, where authorities are cracking down on Chinese apps. China’s Tencent remains a top backer of Sea even after a share rejig this year. Until things settle on all these fronts, Sea’s stormy outlook in its strongest business will weigh it down.
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