Sea shares plunged in Tuesday trading, despite Southeast Asia’s largest tech company reporting double-digit growth in all three of its business divisions for the most recent quarter.

The Singapore-based consumer internet firm reported revenue of $6 billion for the three months ending Sep. 30, up almost 40% year-on-year. Net income also rose by 145% to reach $375 million for the quarter. Yet the surge in profits still fell below analysts’ lofty predictions of $433 million, helping to send shares lower.

Sea’s operating expenses also jumped by 28%, as its e-commerce arm Shopee tries to strengthen its competitive edge of rivals like Alibaba’s Lazada and ByteDance’s TikTok Shop. A key focus was strengthening Sea’s logistics arm: “We are making our buyers happier while reducing [delivery] c

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