The ocean quarterly losses widened after consumers’ online spending cooled

(Bloomberg) – Singapore’s C Ltd posted a wide-ranging quarterly loss as its revenue growth slowed, reflecting how online gaming and shopping are retreating from the heights of the epidemic.

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Its net loss for the first three months expanded to $ 579.8 million from $ 422.7 million a year earlier, a statement said Tuesday. Total revenue rose 64% to $ 2.9 billion, the slowest pace of growth in more than four years.

C revised its full-year outlook for e-commerce sales, its main source of revenue, from $ 8.5 billion to $ 9.1 billion, up from its previous guidance of $ 8.9 billion to $ 9.1 billion. The company said in March that it would post গ 2.9 billion to $ 3.1 billion bookings in its gaming arm Garena 2022, its first fall.

The results show how consumers emerging from a prolonged lockdown are reducing online entertainment and shopping, especially with the war in Ukraine and rising interest rates clouding the global economic outlook.

Read more: Ocean founder loses $ 17 billion in one of Tech’s biggest wipeouts

Key insights

  • The epidemic sparked a rally in online shopping and gaming shares as consumers spent more time and money online, helping C’s become the most valuable company in Southeast Asia. But selling larger technology, shutting down its e-commerce operations in India and disappointing earnings wiped out its value from the top 81% in October.

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