Sea Group reported its Q2 2024 performance with a total revenue of 3,807 million dollars, a 23.0% increase compared to the same period last year. The net profit stood at 80 million dollars.
Specifically, the e-commerce business segment, Shopee, saw a 33.7% increase in revenue, reaching 3,029 million dollars. The Gross Merchandise Value (GMV) also rose by 29.1% to 23.3 billion dollars, with 2.5 billion orders placed. Meanwhile, the digital entertainment arm, Garena, generated 435.6 million dollars, and the digital financial services unit, SeaMoney, recorded 519.3 million dollars in revenue.
Forrest Li, the CEO of Sea Group, highlighted the strong performance in the first half of the year and anticipated robust trends in the second half. He expects Shopee to achieve positive EBITDA starting from Q3, with GMV growth estimated at around 25% for the year.
Source: Sea
TLDR: Sea Group reported impressive growth in Q2 2024, with Shopee leading the way in revenue and GMV, while positive expectations are set for the rest of the year under the leadership of CEO Forrest Li.
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