Singapore’s Sea Posts First-Ever Quarterly Profit After Slashing Costs

(Nikkei Asia) — Singapore-based tech group Sea Ltd. on Tuesday reported its first quarterly profit since going public five years ago, as restructuring efforts that included cutting thousands of jobs and freezing salaries started to pay off.

The New York Stock Exchange-listed firm posted net income of $422 million for the October-December period, a turnaround from a $616 million loss in the same period a year ago. Group revenue totaled $3.45 billion, up 7% on the year.