Sea Limited, the parent company of Shopee and Garena, has reported its fourth-quarter 2023 financial results with a total revenue of $3.617 billion under GAAP accounting, marking a 4.8% increase from the same period the previous year. The E-commerce segment (Shopee) and other businesses generated revenue of $2.771 billion, up by 24.2%, while the digital entertainment business (Garena) saw a revenue decline of 46.2% to $511 million. Overall, the group incurred a loss of $112 million compared to a profit in the same period last year.
However, for the full year 2023, Sea recorded a net profit of $162.7 million. CEO Forrest Li expressed confidence in maintaining this profitability into 2024.
Key highlights from the performance of each business segment at Sea reveal that Shopee has expanded its market share in the Southeast Asia region, SeaMoney achieved its first annual profit, and Free Fire emerged as the most downloaded game in 2023 with strong growth prospects for 2024.
Source: Sea (pdf)
TLDR: Sea Limited, owning Shopee and Garena, reported a 4.8% revenue increase in Q4 2023, with total revenue reaching $3.617 billion. Despite overall losses, the company recorded a net profit for the full year and remains optimistic about sustaining profitability in 2024. Key highlights include Shopee’s regional expansion, SeaMoney’s first annual profit, and Free Fire’s popularity and growth potential.
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