This was driven by outperformance in Sea’s digital entertainment segment which recorded revenue of US$592.2 million for the quarter, 16.7% higher than Citi’s estimates, while its e-commerce revenue came to US$2.2 billion, largely in line with their expectations.
Citi Research analysts have maintained their “neutral” call and “high risk” rating on NYSE-listed Sea, with a target price of US$49.00 ($66.67).
According to analysts Alicia Yap, Vicky Wei and Nelson Cheung, Sea’s 3QFY2023 revenue of US$3.3 billion, a 4.9% y-o-y improvement, beat their estimates of US$3.21 billion.
