Country & Regional Reports·Updated Mar 17, 2026 by Sea Limited
Sea Limited achieved a major financial turnaround, moving from a $127.7 million GAAP operating loss in Q3 2023 to $202.4 million in operating income for Q3 2024.
Total adjusted EBITDA surged to $521.3 million year-over-year, supported by a strong cash position of $9.9 billion.
Shopee reached positive adjusted EBITDA in both Asia and Brazil, with GAAP revenue growing 42.6% to $3.2 billion driven by higher commission rates and a 25% increase in ad-paying revenue per seller.
Garena’s Digital Entertainment segment reported a 24.3% increase in bookings to $556.5 million, leading the company to raise its full-year 2024 bookings growth guidance for Free Fire to over 30%.
Free Fire experienced a 25% year-over-year increase in daily active users, cementing its role as a primary profit driver with $314.4 million in adjusted EBITDA for the quarter.
Digital Financial Services revenue grew 38% to $615.7 million, with the loan book expanding over 70% to $4.6 billion while maintaining a stable non-performing loan ratio of 1.2%.
Sea Limited achieved a major financial turnaround, moving from a $127.7 million GAAP operating loss in Q3 2023 to $202.4 million in operating income for Q3 2024.
Total adjusted EBITDA surged to $521.3 million year-over-year, supported by a strong cash position of $9.9 billion.
Shopee reached positive adjusted EBITDA in both Asia and Brazil, with GAAP revenue growing 42.6% to $3.2 billion driven by higher commission rates and a 25% increase in ad-paying revenue per seller.
Garena’s Digital Entertainment segment reported a 24.3% increase in bookings to $556.5 million, leading the company to raise its full-year 2024 bookings growth guidance for Free Fire to over 30%.
Free Fire experienced a 25% year-over-year increase in daily active users, cementing its role as a primary profit driver with $314.4 million in adjusted EBITDA for the quarter.
Digital Financial Services revenue grew 38% to $615.7 million, with the loan book expanding over 70% to $4.6 billion while maintaining a stable non-performing loan ratio of 1.2%.