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Sea’s (SE) revenue more than doubles in September quarter

By Andreas Ismar

03:49, 17 November 2021

Website of Garena, gaming arm of Sea, on a mobile phone
Website of Garena, gaming arm of Sea, on a mobile phone - Photo: Shutterstock

Singapore-based Sea Limited reported its revenue more than doubled in the September quarter, but surging costs in marketing and e-commerce unit caused its net loss to widen.

Revenue jumped 122% year-on-year to $2.69bn, driven by 168% surge in e-commerce unit ($1.31bn) and a 93% increase in gaming unit Garena ($1.1bn), it said.

Cost of revenue for e-commerce Shopee, however, jumped 140% year-on-year to $1.1bn, dragging down gross profit just slightly over $1bn.

Sea’s sales and marketing expenses jumped to over $1bn from under $471m a year earlier, resulting in an operating loss of $458.6m. Sales and marketing expenses made up around 75% of overall operating costs, rising from roughly two-thirds of operating costs a year earlier.

Net loss widens

Net loss attributable to ordinary shareholders widened to $450.1m against $340.8m a year earlier. That equates to a loss of 84 cents per share compared with 69 cents a year earlier.

The stock price of New York-listed Sea fell 3.8% to $329.91 on Tuesday and further dropping by 1.2% in post-market trade.

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Raising guidance on e-commerce

Although the e-commerce segment contributes to most of Sea’s costs, revenue from the unit is expected to rise. Sea has raised its guidance for its e-commerce segment, projecting a full-year revenue in a range of $5bn-$5.2bn against $4.7bn-4.9bn previously.

On its gaming segment, quarterly active users rose 27.4% to 729 million, with paying users amounting to 93.2 million, up 43% year-on-year.

SeaMoney, Sea’s digital financial service saw payment volume on mobile wallet surged 111% to $4.6bn.

Management promotion

Sea also announced the appointment of Chris Feng as group president starting 1 January 2022. He will continue his existing roles as chief executive of Shopee and SeaMoney.

Read more: Grab’s revenue down on Covid restrictions in Southeast Asia

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Sea Limited
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0.49 +1.290%
Sea Limited
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