Why Sea Limited Stock Popped Today

Shares of Sea Limited (NYSE: SE) have popped today, up by 11% as of 1:15 p.m. EDT, after the company reported first-quarter earnings. The results missed expectations, but the mobile gaming and e-commerce specialist continues to put up impressive growth figures.

Revenue in the first quarter jumped 58% to $913.9 million, just shy of the $915.4 million in sales that analysts were modeling for. Gross merchandise volume (GMV) in the e-commerce segment soared 74% to $6.2 billion, and adjusted revenue in the digital entertainment business increased 30% to $512.4 million. Quarterly active users grew to 402.1 million, of which 35.7 million were quarterly paying users. Sea's Free Fire game reached a new record of over 80 million peak daily active users (DAUs), with the game seeing a record number of monthly paying users in April.

Image source: Sea Limited.