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Sea Limited Gets a Boost from Its E-Commerce and Financial Services Units [Video]

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Ecommerce

American Depositary Receipts (ADRs) of Sea Limited (SE) pared gained Monday after the Southeast Asian consumer internet company posted better-than-expected results on higher sales at its e-commerce and digital financial services units.

The Singapore-based firm reported a fourth-quarter loss of $0.19, with revenue increasing 4.8% to $3.62 billion. Both were above forecasts. Full-year net income came in at $162.7 million, its first annual profit since going public in 2017.

Quarterly sales at the company’s Shopee online shopping site rose 23.2% to $2.6 billion, and they were up 24.3% to $472.4 million at its SeaMoney financial services platform. Revenue slumped 46.2% to $510.8 million at its Garena digital entertainment business. 

CEO Forrest Li said Sea said the company ended 2023 with “a much stronger balance sheet,” noting its cash position grew to $8.5 billion.

In a call with analysts, CFO Tony Hou said the company has seen a more stable competitive landscape over the past few quarters, …

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