Extreme surge of 158.6% in Sea group revenue
For the quarter that ended June 30, Sea, that holds Garena and Shopee, announced a 158.6 % y-o-y increase in GAAP (generally accepted accounting principles) sales to US$2.3 billion, and a net income of US$930.9 million, up 363.5 % y-o-y.
In total, Sea lost $433.7 million in the second quarter of this year, comparing to the loss of $393.5 million the previous year, as marketing and sales expenditures, general and administrative expenses, and research and development fees all increased.
Garena’s adjusted Ebitda in the second quarter of 2021 was US$740.9 million, up 69.8% y-o-y, on revenue of US$1 billion, up 166.8%. Quarterly active members increased by 45.1 % y-o-y to 725.2 million. The number of paying customers increased by 84.8 % y-o-y to 92.2 million.
Shopee’s revenue increased 160.7 % y-o-y to US$1.2 billion in the second quarter of 2021. Net orders increased by 127.4% y-o-y to 1.4 billion in the second quarter. Shopee’s adjusted Ebitda loss per order was US$0.41, down 19.6 % y-o-y.
For the entire year of 2021, Sea is boosting its outlook both for digital entertainment and e-commerce.
According to the FinTech company, at the middle of the updated forecast, they anticipate reservations for digital entertainment to be between $4.5 billion and $4.7 billion, representing a 44.4% increase from 2020. They also estimate GAAP e-commerce sales to be between $4.7 billion and $4.9 billion, representing a 121.5% increase from 2020 at the middle of the updated range.
About the company
Sea Limited is a Singapore-based technology corporation. Sea Limited, founded in 2019, is a holding company for Shopee, SeaMoney, Garena, and the Singapore Premier League football team Lion City Sailors FC. The number of hired personnel exceeds 33,000.
Their aim is to use technology to improve the lives of consumers and small businesses. Garena, Shopee, and SeaMoney are their three primary companies in digital entertainment, e-commerce, and digital payments and financial services, respectively.
Garena is a major global creator and publisher of online games. Shopee is Southeast Asia’s and Taiwan’s leading pan-regional e-commerce website. In Southeast Asia, SeaMoney is a prominent provider of digital payments and financial services.
Shopee Pte Ltd is a global technology firm based in Singapore that specializes in e-commerce. Sea Group is the company’s headquarters (previously known as Garena), Shopee originally opened its doors in Singapore in 2015, and since then has spread to Malaysia, Thailand, Taiwan, Indonesia, Vietnam, the Philippines, Brazil, Mexico, Chile, and Colombia. As of 2021, it will service consumers in Southeast and East Asia, as well as many Latin American nations such as Brazil and Mexico, who wish to buy and sell items online.
Liked this article? You might also like to read General Electric (NYSE:GE) second quarter earnings beat analysts’ forecasts and boosts cash flow.