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Consumer internet company limited sea (NYSE: WOMEN) reported revenue growth for the fourth quarter of fiscal 2022 of 7.1% year over year to $3.45 billion, beat consensus by $3.06 billion.
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Digital entertainment revenue fell 32.9% year-on-year to $948.86 million. Pre-orders fell 18% from the previous quarter to $543.6 million. Segment-adjusted EBITDA was $258.2 million, compared with $289.9 million in the previous quarter.
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The segment’s quarterly active users were 485.5 million, compared with 568.2 million a quarter ago. Average bookings per user stabilized at $1.1 compared to $1.20 last quarter.
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Also read: Sea’s senior management chooses to cut spending to overcome the economic crisis
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ecommerce and other services revenue increased 50.5% year-on-year to $2.23 billion. Core market revenue increased by 53.9% year-on-year. Total orders decreased by 15% year-on-year. Total value of goods decreased by 1.1% over the same period.
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Digital financial services revenue increased 92.5% year-on-year to $380.2 million.
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EPS of $0.72 beats consensus loss of $(0.79). Sea Ltd holds $6.9 billion in cash and equivalents.
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“We are starting 2023 on a much stronger foundation,” said Forrest Li, President and CEO of Sea. “Our decisive tendency to focus on efficiency and profitability since the end of last year has driven meaningful improvements.”
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“While there may be short-term fluctuations in our operations, we remain very confident in the long-term growth potential of our markets and are fully focused on seizing opportunities. This.”
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Price action: SE stock traded 7.73% higher at $70.79 in the pre-marketing session on Tuesday’s final check.
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