Sea Limited, a leading global consumer internet company, reported its financial results for the first quarter of 2024, ending March 31. The company, which operates Garena, Shopee, and SeaMoney, saw a 22.8% year-on-year increase in total GAAP revenue to US$3.7 billion. Despite this, Sea experienced a net loss of US$23.0 million, contrasting with a net income of US$87.3 million in the same quarter of the previous year. Adjusted EBITDA was US$401.1 million, down from US$507.2 million in Q1 2023. The e-commerce segment, driven by Shopee, reported a 56.8% increase in gross orders and a 36.3% increase in GMV, with GAAP revenue rising by 32.9%. However, the segment's adjusted EBITDA was negative US$21.7 million. Digital financial services, under SeaMoney, continued to grow, with a 50.3% increase...Show More

Sea Limited, a leading global consumer internet company, reported its financial results for the first quarter of 2024, ending March 31. The company, which operates Garena, Shopee, and SeaMoney, saw a 22.8% year-on-year increase in total GAAP revenue to US$3.7 billion. Despite this, Sea experienced a net loss of US$23.0 million, contrasting with a net income of US$87.3 million in the same quarter of the previous year. Adjusted EBITDA was US$401.1 million, down from US$507.2 million in Q1 2023. The e-commerce segment, driven by Shopee, reported a 56.8% increase in gross orders and a 36.3% increase in GMV, with GAAP revenue rising by 32.9%. However, the segment's adjusted EBITDA was negative US$21.7 million. Digital financial services, under SeaMoney, continued to grow, with a 50.3% increase in adjusted EBITDA to US$148.7 million. Garena's digital entertainment segment saw a 27.0% increase in adjusted EBITDA, with Free Fire contributing to positive growth. The company's cash and short-term investments totaled US$8.6 billion as of March 31, 2024. Sea Limited's CEO, Forrest Li, expressed confidence in the company's roadmap for profitable growth and its ability to adapt to changing environments.