Singapore's Sea expects to stay in black after posting 1st annual profit

SINGAPORE -- Singapore-based Sea expects to post a second consecutive annual profit in 2024, the gaming and e-commerce firm said Monday, upon reporting its first net profit last year since going public on the back of drastic cost cuts.

The New York Stock Exchange-listed tech group posted a net income of $162 million for 2023, compared with a $1.65 billion loss a year ago. The digital financial services segment recorded its first year of net profit as the consumer and corporate credit loan business grew.