Sea Limited, a leading global consumer internet company, reported mixed financial results for the year ending December 31, 2023. The company's total revenue increased by 4.9% to $13.1 billion, driven by a 27.4% increase in e-commerce service revenue, which reached $7.9 billion. Digital financial services also saw a significant revenue increase of 44.0% to $1.8 billion. However, digital entertainment revenue declined by 44.0% to $2.2 billion due to a decrease in active and paying user base. Gross profit grew by 12.5% to $5.8 billion, with an improved gross margin of 44.7%. Operating activities generated net cash of $2.1 billion, a substantial improvement from the previous year's net cash used of $1.1 billion. The company's cash, cash equivalents, and restricted cash ended at $4.2 billion. Despite the overall revenue growth, Sea Limited reported...Show More

Sea Limited, a leading global consumer internet company, reported mixed financial results for the year ending December 31, 2023. The company's total revenue increased by 4.9% to $13.1 billion, driven by a 27.4% increase in e-commerce service revenue, which reached $7.9 billion. Digital financial services also saw a significant revenue increase of 44.0% to $1.8 billion. However, digital entertainment revenue declined by 44.0% to $2.2 billion due to a decrease in active and paying user base. Gross profit grew by 12.5% to $5.8 billion, with an improved gross margin of 44.7%. Operating activities generated net cash of $2.1 billion, a substantial improvement from the previous year's net cash used of $1.1 billion. The company's cash, cash equivalents, and restricted cash ended at $4.2 billion. Despite the overall revenue growth, Sea Limited reported a net income of $162.7 million, a turnaround from the net loss of $1.7 billion in 2022. The company's financial health was bolstered by cost optimization efforts, particularly in sales and marketing expenses, which decreased by 15.0% to $2.8 billion, and general and administrative expenses, which dropped by 21.1% to $1.1 billion. Sea Limited's capital expenditures amounted to $258.3 million, and the company remains committed to investing in its business to drive future growth.