Sea Ltd. shares surged 15% on August 11. This followed the release of strong second-quarter financial results. Benchmark raised its price target for the Singapore-based internet firm from $140.00 to $175.00. The firm maintained its buy rating. This new target implies a potential upside of more than 33%.
Quarterly revenue grew 48% year-over-year. Total revenue reached $7.79 billion. This figure exceeded analyst estimates by 10%. EBIT jumped 33% during the period. This metric beat consensus expectations by 12%. Adjusted earnings per share reached $0.84. This result missed estimates slightly due to higher tax expenses.