Singapore-based Sea Ltd beat first-quarter revenue estimates on Tuesday, driven by improvements in its core e-commerce business in South East Asia and Latin America, sending its shares up 2.8 percent.

The New York-listed company said total revenue in the first quarter of 2022 rose 64.4 percent to $2.9 billion, above analysts’ estimate of $2.76 billion, according to Refinitiv IBES data.

Sea, which saw a meteoric rise in business in 2020 and into 2021, has been realigning its business in the international markets following slowing sales and regulatory challenges.

The company widened its full-year 2022 e-commerce revenue outlook range to between $8.5 billion and $9.1 billion, compared with $8.9 billion to $9.1 billion forecast earlier.

By Yuvraj Malik; Editor: Vinay Dwivedi

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