Sea Group, the parent company of Shopee and Garena, released its third-quarter financial results for the year 2024, reporting a total group revenue of $4.328 billion under GAAP, marking a 30.8% increase compared to the same period last year. The company also recorded a net profit of $153 million.
Forrest Li, the CEO of Sea Group, stated that Shopee continues to grow with an expected revenue increase of over 20% this year. EBITDA remains positive for Shopee in Asia and Brazil, while SeaMoney has seen a 70% increase in credit release rates while maintaining NPL levels. Garena anticipates a 30% growth in Free Fire this year.
The net purchase value of Shopee (GMV) increased by 25.2% to $25.1 billion from 2.8 billion orders, resulting in a group revenue of $3.412 billion. Additionally, Garena reported revenue of $497.8 million.
TLDR: Sea Group’s latest financial report shows significant growth in revenue for Shopee and Garena, with optimistic forecasts for the upcoming year.
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