Sea Limited's Q2 2024 Earnings

👉 Business Highlights:

➡️ Shopee's Q2 GMV surged 29.1% YoY to $23.3B, with gross orders up 40.3%.

➡️ Free Fire had over 100 million daily active players throughout Q2.

➡️ Digital Financial Services' GAAP revenue grew by 21.4% YoY to $519.3M.

➡️ SME loans principal outstanding increased by 39.5% YoY to $3.5B.

👉 Business Segments:

➡️ E-commerce Revenue: $2.8B, up 33.7% YoY.

➡️ Digital Entertainment Revenue: $435.6M, down 17.7% YoY.

➡️ Digital Financial Services Revenue: $519.3M, up 21.4% YoY.

➡️ Sales of Goods Revenue: $342.6M, up 40.5% YoY.

👉 Operating Metrics:

➡️ Total Revenue: $3.8B, up 23.0% YoY.

➡️ Total Gross Profit: $1.6B, up 9.2% YoY.

➡️ Operating Income: $82.9M, down 70.8% YoY.

➡️ Net Income: $79.9M, down 75.9% YoY.

➡️ Adjusted EBITDA: $448.5M, down 12.1% YoY.

👉 Sales and Marketing Expenses:

➡️ Increased by 57.0% YoY to $774.8M, primarily driven by E-commerce and Digital Financial Services.

👉 CEO Statement:

"I'm happy to report a solid quarter, with strong growth across all three businesses. Shopee's momentum positions us for a positive adjusted EBITDA from Q3." – Forrest Li, CEO.