Nov 14 (Reuters) - Singapore-based Sea (SE.N) reported a surprise third-quarter loss as the Southeast Asian tech giant prioritized growth over profits by pouring money into its e-commerce business, sending its shares more than 17% lower on Tuesday.
The company also expects to boost investments, it said, ahead of the key holiday shopping season in the fourth quarter.
Sea has spent heavily in what is called "e-commerce live streaming", where products are sold over live videos, a model popular in China.
The company posted a loss of 26 cents per share for the quarter ended Sept. 30, ending its streak of three straight profitable quarters.
However, a global economic slowdown hit e-commerce and digital entertainment, forcing Sea to undertake hefty cost cuts including laying off thousands of employees.
Persons:
Alibaba Group's, ByteDance's, Forrest Li, Chavi Mehta, Devika
Organizations:
HK, Thomson
Locations:
Singapore, China, Bengaluru