Shopee parent Sea delivers double-digit growth in sales, profit
Shopee parent Sea has reported a surge in both sales and profit for the first quarter, marking a strong start to the fiscal year.
Sea’s revenue for the quarter ended March 31 soared 29.6 per cent to US$4.8 billion, while gross profit jumped 43.9 per cent to $2.2 billion.
The company swung to a net income of $410.8 million from a loss of $23 million in the year-ago period.
Shopee, Sea’s e-commerce business, achieved record-high GMV and gross order volume, which rose 21.5 per cent and 20.5 per cent respectively.
The segment’s revenue increased 28.7 per cent to $3.1 billion, with core marketplace revenue up 39.2 per cent and value-added services revenue up 4 per cent.
The company also recorded strong growth at its digital financial services segment (Monee) and digital entertainment segment (Garena).
“We have delivered another great quarter of strong growth with improving profitability across all three businesses,” said Forrest Li, Sea’s chairman and CEO.
“Our strong start to the year gives us more confidence of achieving our full-year guidance.”
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