Singapore-based technology conglomerate Sea Limited has reported higher revenue and earnings in the second quarter, underpinned by growth in all business segments.
The firm said in a statement on Tuesday that its total revenue was $5.3 billion, up 38.2 percent year-on-year during the quarter.
The group’s total gross profit was $2.4 billion, up 52.1 percent year-on-year.
Its total net income during the quarter was $414.2 million, surged from $79.9 million a year ago.
The group’s total adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) was $829.2 million, as compared to $448.5 million for the second quarter of 2024.
“The momentum from our strong start to 2025 has continued into the second quarter. All three of our businesses have delivered robust, healthy growth, giving us greater confidence of delivering another great year,” said Forrest Li, Sea’s Chairman and Chief Executive Officer.
“Given the high potential of our markets and the stage we are at in our business now, we will continue to prioritize growth, which will pave the way for us to maximize our long-term profitability,
“At the same time, our company has reached a stage where we can pursue growth opportunities while improving profitability,” he added.
On e-commerce, the segment’s gross merchandise value (GMV) was $29.8 billion for the quarter, increasing by 28.2 percent year-on-year.
The segment’s revenue was $3.8 billion, up 33.7 percent year-on-year.
Its adjusted EBITDA was $227.7 million, as compared to $(9.2) million for the second quarter of 2024.
“After a record-high Q1, Shopee has delivered another record-breaking Q2,
“GMV grew 25 percent year-on-year in the first half, and we expect this growth momentum to carry into Q3,” said Li.
“This quarter, we celebrated Shopee’s 5-year anniversary in Brazil, and I am very proud of what the team has achieved: we have become the market leader by order volume, we continue to grow fast, and we are operating profitably,
“We remain committed to delivering strong, profitable growth while reinforcing our market leadership across Asia and Brazil,” he added.
On digital financial services, the segment’s revenue was $882.8 million, up 70 percent year-on-year.
Its adjusted EBITDA was $255.3 million, up 55 percent year-on-year.
“Monee has delivered excellent growth throughout the first half of the year, diversified its loan portfolio across markets and products, and maintained high asset quality through prudent risk management,
“It is exciting that our credit business is still in the early stages in many of our markets, reinforcing our strong conviction in Monee’s long-term growth and earnings potential,” said Li.
On digital entertainment, the segment’s revenue was $559.1 million, up 28.4 percent year-on-year.
Its adjusted EBITDA was $368.2 million, up 21.6 percent year-on-year.
“Garena has delivered a very strong performance in the first half of this year,
“We believe Free Fire has established itself as an evergreen franchise, both sustaining its user engagement and growing its appeal in more markets globally,” said Li.
“We are also committed to trying out new genres and new markets, and testing the boundaries of future game experiences by embracing artificial intelligence (AI),
“Given all of this, we are raising our full-year guidance for Garena, and expect bookings to grow more than 30 percent in 2025, year-on-year,” he added.
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