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Sea posts another profitable quarter, but weighed down by gaming woes

Shopee continues to grow with Brazil in focus, but Garena faces challenges.

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Sharanya Pillai

Sharanya Pillai

Published Tue, May 16, 2023 · 07:38 PM
    • Chief executive Forrest Li said that the company has had to “do more with fewer resources”.
    • Chief executive Forrest Li said that the company has had to “do more with fewer resources”. PHOTO: BLOOMBERG

    GAMING and e-commerce giant Sea posted its second profitable quarter in a row, with US$87.3 million in net profit for Q1 ended March 31, a reversal of the US$580.1 million net loss in the year-ago period.

    But jittery investors sent Sea shares down 13.1 per cent to US$76.58 as of 9.43 pm (Singapore time) on Tuesday (May 16). This came amid a weaker showing in gaming division Garena, which dragged on the New York-listed company’s topline.

    Sea’s revenue for the quarter was up 4.9 per cent to US$3 billion. This growth was thanks to its e-commerce arm Shopee and other services, for which revenue surged 50.7 per cent to US$2.3 billion.

    Sea LtdFinancial resultsSpotlight

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