Sea Limited (NYSE:SE) released its financial results for the second quarter, which fell short of the Street estimates. As a result, shares plunged more than 28% intra-day today.
During the second quarter, Sea reported revenue of $3.10 billion, which was below the Street estimate of $3.26 billion. Earnings per share (EPS) were $0.54, also falling short of the Street estimate of $0.66.
While the company’s e-commerce revenue reached $2.32 billion, surpassing the expected $2.25 billion, its digital entertainment revenue was reported at $529.4 million, lower than the projected $535.3 million.