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Sea reports mounting losses, president Nick Nash to depart

Bloomberg Published on Thu, Mar 01, 2018 / 3:23 PM GMT+8

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SINGAPORE (Mar 1): Sea, operator of Southeast Asia’s biggest gaming platform, reported mounting losses amid investments for growth and said group president Nick Nash will leave his position at the end of the year.

The Singapore-based company reported its net loss for the quarter ended in December more than tripled to US$263.1 million ($348.6 million), compared with analyst estimates that it would lose US$201 million, while total revenue climbed 41% to US$124.6 million, according to generally accepted accounting principles.

Nash, who helped lead Sea’s initial public offering last year, said he plans to start a new private-equity fund. He joined the company in 2014 from General Atlantic LLC.