Shopee-owner Sea beats revenue estimates on online shopping surge

(Reuters) – Southeast Asian technology firm Sea Ltd beat estimates for second-quarter revenue on Tuesday, driven by strong growth in its e-commerce and financial services businesses.

The company also said CFO Tony Hou had stepped down from its board of directors.

Revenue rose 23% to $3.81 billion, compared with analysts’ consensus estimate of $3.71 billion, according to LSEG.

E-commerce revenue, which makes up about two-thirds of the company’s total, grew 34% to $2.8 billion, also above expectations of $2.68 billion.

(Reporting by Yuvraj Malik in Bengaluru; Editing by Devika Syamnath)