Sea Limited, the parent company of Shopee and Garena, has released its financial results for the third quarter of 2023. The group’s total revenue, according to GAAP accounting, reached $3.31 billion, marking a 4.9% increase compared to the same quarter last year. However, the net loss amounted to $144 million, indicating a reversal from the profits reported in the second quarter of 2023.
Shopee, the e-commerce business segment, experienced a 16.2% increase in revenue, amounting to $2.23 billion. However, the segment incurred a specific business loss of $428 million. On the other hand, Garena, the digital entertainment business segment, generated a revenue of $592 million, reflecting an 11.9% increase, with a profit of $346 million. The digital financial services segment, Sea Money, reported a revenue of $446 million, representing a significant growth of 36.5%.
Forrest Li, CEO of Sea, emphasized the company’s long-term goals in three aspects: growth, profitability, and increasing market share. Currently, the focus lies in expanding market share through the introduction of new tools, especially the live-streaming feature for product sales.
In summary, Sea Limited showcased positive revenue growth in the third quarter of 2023, driven by the performance of Shopee, Garena, and Sea Money. Despite the net loss incurred, the company remains committed to its long-term objectives and is actively investing in strategies to increase market share.
TLDR: Sea Limited, the parent company of Shopee and Garena, reported a 4.9% increase in total revenue for Q3 2023. While Shopee and Garena saw revenue growth, the company incurred a net loss of $144 million. CEO Forrest Li emphasized the focus on increasing market share, particularly through new tools like live-streaming for product sales.
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