Sea Limited Shows Strong Growth in Q3 2024
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Sea Limited Shows Strong Growth in Q3 2024

Sea Ltd ( (SE) ) has released its Q3 earnings. Here is a breakdown of the information Sea Ltd presented to its investors.

Sea Limited, a Singapore-based global consumer internet company, operates across digital entertainment, e-commerce, and digital financial services sectors through its core businesses Garena, Shopee, and SeaMoney. The company recently reported robust financial results for the third quarter of 2024, marked by significant growth across its business segments.

Sea Limited’s third-quarter performance was highlighted by a 30.8% increase in total revenue, reaching US$4.3 billion, and a significant turnaround in profitability, with a net income of US$153.3 million compared to a net loss in the previous year. Shopee, its e-commerce division, achieved a 42.6% revenue increase and moved to positive adjusted EBITDA, while SeaMoney’s loan portfolio expanded by over 70% year-on-year. Garena’s Free Fire bookings also showed impressive growth, contributing to a 24.3% rise in digital entertainment bookings.

The company’s e-commerce business saw substantial growth with gross orders up 24.2% and GMV reaching US$25.1 billion, reflecting a 25.2% rise. SeaMoney’s digital financial services showed a healthy 38% revenue growth, supported by a stable non-performing loan ratio. Digital entertainment, despite a decline in GAAP revenue, saw a 34.4% increase in adjusted EBITDA, driven by higher user engagement and increased bookings.

In conclusion, Sea Limited demonstrates a strong trajectory towards sustaining profitability and growth across its core segments. The management remains focused on leveraging the momentum in e-commerce and digital financial services, while enhancing user engagement in digital entertainment to ensure continued financial success.

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