- Sea Group Q1 revenue soared 23% to $3.7B, EBITDA up 3.2x.
- Shopee’s GMV jumped 36%, revenue 33% with lower losses.
- Garena, SeaMoney grew bookings and revenue diversely.
Sea Group kicked off 2024 with a tidal wave of success, reporting a 23% year-over-year revenue surge to $3.7 billion in Q1.
While adjusted EBITDA dipped 21% annually, it skyrocketed 3.2x from the previous quarter, buoyed by the company’s “clear roadmap for profitable growth.”
E-commerce engine firing on all cylinders
Leading the charge was Sea’s e-commerce behemoth Shopee, which saw gross merchandise value soar 36% to a staggering $23.6 billion.
This momentum powered Shopee’s revenue to $2.7 billion, up a whopping 33% year-over-year, while slashing adjusted losses to just $22 million.
Diversified growth across verticals
Beyond e-commerce, Sea’s gaming arm Garena saw bookings climb 11% to $512 million, while its fintech division SeaMoney’s revenue surged 21% to $499 million.
With positive investor sentiment and shares up over 6% in pre-market trading, Sea Group’s diversified growth strategy is paying dividends.
To read the original article: https://www.techinasia.com/seas-posts-q1-2024-results
