Sea is reducing its reliance on Garena, but the markets don't seem to have noticed

Sea is reducing its reliance on Garena, but the markets don't seem to have noticed

Photo: Garena website

Sea Ltd.’s FY2021 results this year were followed by a precipitous 12% decline in the share price of the NYSE-listed gaming and e-commerce giant. Bears point to slowing gaming revenues, and higher losses, and say the company’s model for growth is broken.