Sea Shares Give Up Gains Amid Focus on Marketing Spending

(Bloomberg) -- Sea Ltd. gave up most of its earlier gains as investors digested a broadly positive earnings report that showed aggressive spending on marketing.

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Southeast Asia’s largest internet firm posted $126.7 million in adjusted earnings before interest, taxes, depreciation and amortization for the fourth quarter through December. While that’s a decline of 74% from a year earlier, as a result of marketing spending — it’s still higher than the $88 million analysts predicted. Sales also topped estimates.

The US-traded shares initially gained as much as 19% in early trading before steadily giving up those gains as the market opened in New York. The shares were little changed at $51.16 at 11