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Sea Limited’s (NYSE: SE) E-Commerce and Digital Services Business Drives Q3 Earnings Growth

by admin

November 15, 2022

in Consumer Goods, Earnings, Technology

Sea Limited NYSE SE E-Commerce Digital Services Business Q3 2022 Earnings Spotlight Growth

Sea Limited (NYSE: SE) is a Singapore-based, global digital consumer company that operates three core businesses across e-commerce, digital entertainment and financial services: Shopee, Garena, and SeaMoney, respectively. Shares of the digital entertainment and commerce company jumped 36% during trading on Tuesday, November 15, 2022. Over the past three months, Sea Limited has seen average daily volume of 6.57 million shares. However, volume of 42.76 million shares or dollar volume of around $2.66 billion, exchanged hands during the day’s trading.

Shares of Sea Limited rallied after the company released third quarter 2022 financial results. On a cumulative basis, Sea Limited reported total GAAP revenue of $3.2 billion, which is an increase of 17.4% year-over-year. Gross profits grew 21.7% year-over-year to $1.2 billion. However, the company did report a net loss of $569.3 million, which was roughly the same result for Q3 2021.

Sea Limited’s e-commerce and digital services business saw GAAP revenue of $2 billion during the quarter, which represented the bulk of the company’s overall growth at 50.9% y/y. Management says the e-commerce growth was seen primarily throughout the Asia markets, including the company’s largest market in Indonesia.

Digital entertainment GAAP revenue of $892.9 million was actually lower than the $1.1 billion result from Q3 2021. Management says the drop was due to “softening of bookings due to the ongoing moderation in user engagement and monetization,” according to the company. Sales of goods saw GAAP revenues increase modestly by 2.4% to $286.3 million.

Forrest Li, Sea’s Chairman and Group Chief Executive Officer: “Given the significant uncertainties in the macro environment, we have entirely shifted our mindset and focus from growth to achieving self-sufficiency and profitability as soon as possible, without relying on any external funding. We are adapting quickly to the changing climate. All our efforts are directed to ensure that Sea not only survives the macro storms but emerges stronger, more efficient, and more resilient – and as a long-term winner in our markets. This positions us to continue capturing the long-term potential of our businesses and markets, and to deliver strong and sustained shareholder returns over time. Over the last quarter, we took decisive actions to improve margins, and set clear goals and priorities for the quarters to come. We remain highly confident about the compelling long-term growth prospects of our businesses and markets.”

Disclosure: No position. Spotlight Growth has no relationships with any of the companies mentioned in this article and did not receive payment in any form for its creation. This is an opinion article and is not meant to be financial advise. We are not broker-dealers or investment professionals. Please conduct your own due diligence. For more information on our disclosures, please visit: https://spotlightgrowth.com/disclosures/

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