Sea Ltd. Revenue Surges 46.6%, Driven by Shopee and Garena Growth

Sea Ltd. reported first-quarter revenue of $7.1 billion.

Revenue increased 46.6% year-over-year. These results surpassed analyst expectations. Net income reached $438.2 million. This represents a 6.7% increase. Adjusted EBITDA grew to $1.0 billion. This figure reflects a 9.3% increase.

Shopee revenue reached $5.1 billion. Shopee gross merchandise value totaled $37.3 billion. This value marks a 30% increase. Tightening margins caused a decline in Shopee's adjusted EBITDA. The conglomerate continues to navigate intense e-commerce competition in Southeast Asia.

Garena delivered its strongest quarterly performance since 2021. The digital financial services arm, Monee, also contributed to the results.