Top 5 Trending Stocks Today

1. Sea Limited (NYSE:SE)

Number of Hedge Fund Holders: 77

Sea Limited (NYSE:SE) delivered mixed results for the second quarter and suspended its e-commerce sales outlook for the full year. As a result, its shares plummeted over 14 percent in the mid-day trading session today.

The Singapore-based consumer internet company reported a loss of $1.03 per share, narrower than analysts’ average estimate for a loss of $1.21 per share. In addition, Sea Limited (NYSE:SE) posted revenue of $2.94 billion, up 29 percent on a year-over-year basis but behind the consensus of $2.97 billion.

Sea Limited (NYSE:SE) also released its segment-wise sales results. Its e-commerce revenue climbed 75.6 percent to $1.76 billion, while digital financial services revenue skyrocketed 214.4 percent to $279 million in the quarter. On the downside, digital entertainment revenue fell 12.1 percent to $900.26 million.

Speaking on the results, CEO of Sea Limited (NYSE:SE), Forrest Li, said in a statement:

“As we navigate the current environment of increased macro uncertainty with that same nimble and decisive approach, we believe it is vital to be thoughtful, prudent, and disciplined. While we have strong resources and are well on-track to achieve our self-sufficiency targets, we are nevertheless rapidly prioritizing profitability and cash flow management. We are confident that this focus, combined with our demonstrated ability to execute, our scale and leadership, and our proven business models, will position us for long-term sustained success.”

You can also take a peek at 10 Stocks to Watch as Cathie Wood’s Fund Starts to Rebound and Jim Cramer Recommends These 10 Stocks For Recession.

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