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Sea Limited Q2 2024: Strong Growth in E-commerce and Digital Entertainment
Singapore, August 13, 2024 – Sea Limited (NYSE: SE) has announced its financial results for the second quarter ending June 30, 2024. The company has demonstrated solid growth across all its business segments, maintaining the strong momentum from the first quarter.
Key Financial Highlights
Sea Limited reported total GAAP revenue of $3.8 billion for Q2 2024, marking a 23.0% increase compared to the same period in 2023. The company’s gross profit reached $1.6 billion, reflecting a 9.2% year-on-year growth. However, the net income for the quarter was $79.9 million, a significant decrease from $331.0 million reported in Q2 2023. The total adjusted EBITDA stood at $448.5 million, down from $510.0 million in the previous year.
E-commerce Performance
Sea’s e-commerce segment, primarily driven by Shopee, recorded impressive growth during the quarter:
- Gross Orders: 2.5 billion, up 40.3% year-on-year.
- Gross Merchandise Value (GMV): $23.3 billion, a 29.1% increase year-on-year.
- GAAP Revenue: $2.8 billion, up 33.7% year-on-year.
- Core Marketplace Revenue: $1.8 billion, an increase of 41.4% year-on-year.
- Value-Added Services Revenue: $722.3 million, up 15.5% year-on-year.
However, the adjusted EBITDA for the e-commerce segment was reported at a loss of $9.2 million, compared to a positive $150.3 million in the same quarter last year. The Asia markets recorded an adjusted EBITDA of $3.8 million, while other markets, including Brazil, showed significant improvements in unit economics, with a positive contribution margin of $0.09 per order.
Digital Financial Services Growth
The digital financial services segment continued its upward trajectory:
- GAAP Revenue: $519.3 million, reflecting a 21.4% increase year-on-year.
- Adjusted EBITDA: $164.7 million, up 20.2% year-on-year.
- Consumer and SME Loans Outstanding: $3.5 billion, representing a 39.5% year-on-year increase.
- Non-Performing Loans: The percentage of non-performing loans past due by more than 90 days improved slightly to 1.3%.
Digital Entertainment Success
Garena, Sea’s digital entertainment arm, delivered another strong quarter:
- Bookings: $536.8 million, a 21.1% increase year-on-year.
- GAAP Revenue: $435.6 million, down from $529.4 million in Q2 2023 due to lower recognition of accumulated deferred revenue.
- Adjusted EBITDA: $302.8 million, up 26.5% year-on-year.
- Quarterly Active Users: 648.0 million, up 19.0% year-on-year.
- Quarterly Paying Users: 52.5 million, up 21.7% year-on-year.
Notably, Sea's flagship game, Free Fire, continued to perform exceptionally well, with more than 100 million daily active players throughout the quarter.
Strategic Leadership Changes
Sea Limited also announced changes to its Board of Directors. Effective August 12, 2024, Dr. Silvio Savarese and Ms. Jessica Tan have been elected as independent directors. Dr. Savarese currently serves as Executive Vice President and Chief Scientist of Salesforce Research, while Ms. Tan previously served as Group co-CEO and Executive Director of Ping An Group. These additions strengthen Sea’s board, which now comprises a majority of independent directors.
Source: SE
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