Southeast Asian tech giant Sea Limited announced its first-quarter financial results today, with revenue up 4.9% year-on-year to $3 billion.

E-commerce unit Shopee recorded revenue of $2.1 billion, up 36.3% year-on-year.

Digital entertainment unit Gerena's revenue was $539.7 million, down sharply from $948.9 million in the previous quarter.

Revenue from digital financial service SeaMoney was $412.8 million, up 75.0% year-over-year.

The Singapore-based company earned 15 cents a share, missing analysts' expectation of 53 cents per share. But that was a huge improvement from a year earlier, when the company lost 80 cents a share on sales of $2.9 billion.

After reporting weaker-than-expected earnings, shares of Sea fell 17.7% to close at $72.45.

In response to an inflation-induced slump, the NYSE-listed company conducted massive job cuts and scaled back its expansion in European markets last year.

"Across our business, we have been focused on maximizing operational efficiency and improving user experiences," Chief Executive Forrest Li said during the earnings call, "We are pleased with the progress we have made so far to strengthen the fundamentals of our business as we continue to fine-tune our operations and navigate near-term macro uncertainties."

The company said it remains highly confident in the long-term opportunities in its markets and its ability to capture those profitably.