The company reported quarterly revenue of $7.79 billion, up 48.1% year over year and above the analyst consensus estimate of $7.06 billion. Earnings came in at 70 cents per share, below expectations of 75 cents per share.
Shopee Drives E-Commerce Growth
Sea generates revenue through three main businesses: Garena, Shopee and Monee. Garena generates revenue from in-game purchases and advertising. Shopee earns revenue from transaction fees, seller services and advertising, while Monee generates income from transaction fees and financial products, including loans and insurance.
Shopee revenue rose 48.2% year over year to $5.6 billion. Gross orders increased 27.5% to 4.2 billion, while gross merchandise volume, or GMV, climbed 28.4% to $38.3 billion.
Adjusted EBITDA increased 12.2% year over year to $255.4 million.
