Summary by Moomoo AI
Sea Limited, a leading global consumer internet company, reported its financial results for the third quarter ended September 30, 2024. The company, which operates three core businesses in digital entertainment, e-commerce, and digital financial services, saw a significant increase in revenue and profitability. Total GAAP revenue for the group was $4.3 billion, marking a 30.8% increase year-on-year, with a net income of $153.3 million compared to a net loss of $144.0 million in the same quarter of the previous year. The e-commerce platform Shopee achieved positive adjusted EBITDA in both Asia and Brazil, with expectations to remain profitable. SeaMoney's loan book grew by over 70% year-on-year, while Garena expects Free Fire's full-year bookings to grow over 30%. The company's cash and cash equivalents, along with short-term investments, totaled $9.9 billion as of September 30, 2024. Sea Limited's Chairman and Chief Executive Officer, Forrest Xiaodong Li, expressed pride in the improved profitability alongside high growth. The company's management hosted a conference call on November 12, 2024, to discuss the results.
