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Singapore's Sea posts record revenue in Q1 on e-commerce growth

SINGAPORE -- Singapore-based Sea on Tuesday posted record quarterly revenue for the first three months of the year on stronger e-commerce transactions, suggesting the tech group is handling tough competition with new entrants like China's ByteDance-owned TikTok.

The New York Stock Exchange-listed company reported group revenue of $3.73 billion for the January-March period, up 23% on the year. By segment, e-commerce business Shopee's revenue grew 31% to a record $2.95 billion, as the group hit its highest quarterly orders on expanded investments in its livestreaming features and logistics network.