Sea Limited's (NYSE: SE) stock surged 14% on May 17 after the Southeast Asian tech giant posted its first-quarter earnings report. The company's revenue rose 64% year over year to $2.9 billion, which beat analysts' estimates by $40 million.
Sea's (SE) first-quarter 2022 results benefit from a solid uptick in digital entertainment and e-commerce segments.
Shares of MercadoLibre (NASDAQ: MELI) were moving higher, in line with a broad upswing in tech stocks today. A strong retail sales report and comments from Federal Reserve Chairman Jerome Powell seemed to push the stock higher, as did a better-than-expected earnings report from rival Sea Limited (NYSE: SE), which closed up 14%. MercadoLibre stock closed Tuesday up 6% even though there was no company-specific news out on the Latin American e-commerce specialist.