Sea Ltd Revenues Increase but Its Losses Widen

Sea Limited (NYSE: SE) today announced its financial results for the first quarter ended March 31, 2022.

Its total GAAP revenue increased by 64.4% to US$2.9 billion in the first quarter of 2022 from US$1.8 billion in the first quarter of 2021.

It said that the increase was mainly driven by Digital Entertainment; • E-commerce and other services and Sales of goods

It however had net losses of US$580.1 million and US$422.1 million in the first quarter of 2022 and 2021, respectively.

“We recorded solid results across our business in the first quarter of 2022, despite challenging comparisons to the same period last year during heightened COVID-related restrictions. As a result, we are well on track to achieve our previously shared projections of profitability in our Asia markets, while continuing to scale our businesses and capture market share globally,” said Forrest Li, Sea’s Chairman and Group Chief Executive Officer.

“Shopee and SeaMoney continued to enjoy operating leverage and efficiency gain as they scale and strengthen their market leadership positions. With the significant scale, strong leadership and clear synergies achieved by both businesses in Southeast Asia and Taiwan, our consumer internet ecosystem in the region is naturally approaching a stage of long-term profitable growth

“While Garena experienced headwinds in its growth post-COVID, we saw some preliminary positive effects from our efforts to improve user engagement in Free Fire. In particular, the monthly user trends for Free Fire began to show some early signs of stabilizing toward the end of the first quarter. While this is encouraging, the longer-term impact of reopening around Free Fire remains to be seen and we will continue to focus on user engagement and user base stabilization.”

“In the past two years, we successfully navigated the major uncertainties brought by the pandemic to capture the significant growth opportunities presented to us across all businesses. As we enter a new period, we recognize that the current macro trends and uncertainties could affect our region and the world in the near to mid-term.

The experiences, capabilities, resources, and strong leadership positions we managed to accumulate and achieve during the past period position us well to navigate such uncertainties and, more importantly, capture opportunities that may also arise in our regions. And as always, we will continue to focus on being humble, pragmatic, and agile while consistently driving strong execution in serving the large, underserved communities in our regions.”

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