Sea Ltd. raised the outlook for its main online retailing arm, signaling the Southeast Asia e-commerce leader is effectively encountering intense competition from the likes of TikTok and Lazada.
The value of goods sold by the Shopee division will rise in the “mid-20%” range this year, Sea said Tuesday, rather than the “high teens” pace predicted in March. Singapore-based Sea also posted second-quarter profit and sales that topped analysts’ estimates.
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