(Bloomberg) -- Sea Ltd. rose more than 14% after reporting core gaming revenue grew faster than expected, offsetting a slowdown across the rest of the Southeast Asian internet giant’s business as online activity retreats from pandemic-era heights.Most Read from BloombergOnetime Richest Singapore Tycoon Has Lost 80% of His FortuneElon Musk Has a Bigger Problem Than Twitter Bots: A Huge Debt BurdenWalmart Flashes a Warning Sign to the Entire Consumer EconomyUS Set to Block Russian Debt Payments, R
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.
Before we continue, I would like to remind you that we may make forward-looking statements, which are inherently subject to risks and uncertainties and may not be realized in the future for various reasons as stated in our press release. For a discussion of the use of non-GAAP financial measures and reconciliation with the closest GAAP measures, please refer to the section on non-GAAP financial measures in our press release.