BlackRock, Inc., the world’s largest asset manager, has reported a highly successful third quarter for 2024, marked by strong financial growth. The firm’s total assets under management (AUM) surged to a record $11.5 trillion, driven by $221 billion in net inflows during the quarter. This represents a significant year-over-year increase of $2.4 trillion in AUM, showcasing BlackRock's continued leadership in the asset management industry.
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Sea Limited Reports Strong Q1 2024 Results with Positive Growth Across All Business Segments
Singapore - Sea Limited (NYSE: SE), a leading global consumer internet company, announced robust financial results for the first quarter of 2024, showcasing significant growth across its e-commerce, digital financial services, and digital entertainment businesses.
Key Highlights:
- Total Revenue: Sea's total GAAP revenue for Q1 2024 was $3.7 billion, marking a 22.8% increase year-over-year.
- Gross Profit: The gross profit reached $1.6 billion, up 9.7% year-over-year.
- Net Loss: The company reported a net loss of $23.0 million, compared to a net income of $87.3 million in Q1 2023.
- Adjusted EBITDA: Adjusted EBITDA stood at $401.1 million, down from $507.2 million in the same period last year.
E-Commerce Performance:
- Gross Orders: Total orders grew by 56.8% year-over-year to 2.6 billion.
- Gross Merchandise Value (GMV): GMV for the quarter was $23.6 billion, an increase of 36.3% year-over-year.
- Revenue: GAAP revenue from e-commerce was $2.7 billion, up 32.9% year-over-year.
- Marketplace Revenue: Core marketplace revenue, including transaction-based fees and advertising revenues, surged 47.0% to $1.7 billion.
- Logistics Services: Value-added services revenue, primarily from logistics, increased by 7.9% to $722.5 million.
Digital Financial Services:
- Revenue: GAAP revenue for digital financial services was $499.4 million, up 21.0% year-over-year.
- Adjusted EBITDA: Adjusted EBITDA for this segment increased by 50.3% to $148.7 million.
- Loan Portfolio: Consumer and SME loans outstanding totaled $3.3 billion, a 28.7% increase year-over-year.
Digital Entertainment:
- Bookings: Bookings were $512.1 million, up 10.8% year-over-year.
- Revenue: GAAP revenue for digital entertainment was $458.1 million.
- Adjusted EBITDA: Adjusted EBITDA rose 27.0% to $292.2 million.
- User Metrics: Quarterly active users increased by 21.0% to 594.7 million, while quarterly paying users grew by 29.8% to 48.9 million.
CEO’s Outlook and Guidance
Forrest Li, Chairman and CEO of Sea Limited, emphasized the company's strategic focus on enhancing user experience and expanding service offerings. Li expressed confidence in Sea’s ability to adapt to market changes and highlighted the growth potential in the digital financial services sector.
- E-Commerce Growth: Shopee achieved its highest-ever quarterly orders, GMV, and revenue, driven by strong integrated logistics capabilities.
- Digital Financial Services: SeaMoney continues its growth trajectory, maintaining strong momentum and profitability with prudent risk management.
- Digital Entertainment: Garena, led by Free Fire, remains a major growth driver with plans to solidify its position as an evergreen franchise.
Li concluded by reaffirming Sea Limited's roadmap for profitable growth, indicating a strong start to 2024 and confidence in meeting the full-year guidance.
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