NEW YORK - Sea Limited (NYNYSE:SE:SE), a leading global consumer internet company, reported mixed financial results for the first quarter ended March 31, 2024.
The company's earnings per share (EPS) fell short of analyst expectations, coming in at $0.15 compared to the consensus estimate of $0.23.
However, Sea Limited exceeded revenue forecasts with a reported $3.7 billion, surpassing the analyst estimate of $3.64 billion.
This revenue beat reflects a positive market response, with the company's stock price rising by 6.8% following the announcement.
Chairman and CEO Forrest Li expressed satisfaction with the quarter's performance, highlighting the growth and improved profit profiles across the company's three business sectors. Li attributed this success to the company's resilience and adaptability in the face of previous macroeconomic challenges.
Shopee, Sea's e-commerce platform, achieved record-high quarterly orders, gross merchandise value (GMV), and revenue, with its integrated logistics capability, SPX Express, playing a significant role in enhancing customer experience.
SeaMoney, the company's digital financial services arm, continued its growth momentum and profitability, while Garena, the digital entertainment division, saw a return to positive growth, led by the strong performance of its flagship game, Free Fire.
The company's robust revenue performance, particularly in its e-commerce and digital entertainment segments, has instilled investor confidence, as evidenced by the stock's upward movement. Li's forward-looking statements suggest a clear path to profitable growth and a strong start to the year, with expectations to meet full-year guidance.
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