Sea Limited's Q2 Report
Aug 19, 2024
Sea Limited, the southeast Asian e-commerce and fintech leader, reported Q2 results late last week. Shopee, the e-commerce arm, performed well, growing revenue 34%, orders 40%, and merchandise volume 29%, continuing an acceleration of growth that started late last year. Shopee accounted for 74% of total revenue. Digital financial services (mostly consumer loans) grew sales 21% and reported a reasonable 1.3% non-performing loans book. This unit was 14% of total sales. Garena, the gaming unit, saw declining revenues but good forward metrics, with bookings up 21%, active users 19%, and paying users 22%. That bodes well for future revenue results. Across the board, a good report. The fair value gets a slight bump up to $73.50.
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