Third Quarter 2024 Results: Sea Limited

Sea Limited reports a mixed performance for the third quarter of 2024, with notable gains in digital financial services and entertainment but continued losses in e‑commerce. Revenue rose 42.6 % year‑over‑year to US$4.3 billion, driven by a 73.2 % increase in loans principal outstanding and a 24.3 % rise in digital entertainment bookings. Gross operating revenue grew to US$4.8 billion, while net income turned negative at US$127.7 million, reflecting higher operating costs and a shift in cost structure.

Adjusted EBITDA improved markedly, reaching US$521.3 million from a loss of US$346.5 million in the prior quarter, largely due to profitability in digital financial services (US$187.9 million) and entertainment (US$314.4 million). E‑commerce remains unprofitable, with an adjusted EBITDA of US$34.4 million versus a loss of US$346.5 million in Q3 2023, yet the segment shows a 12.8 % quarter‑over‑quarter revenue growth and a 20 % YoY increase in average monthly active buyers.

The company highlights strategic progress: positive adjusted EBITDA achieved in both Asia and Brazil, a 40 % YoY rise in active buyers in Brazil, and a 70 % YoY increase in loans principal outstanding. Digital entertainment continues to lead with Free Fire maintaining over 100 million daily active users and expanding into new regions. Sea’s forward‑looking statements caution that future results may differ due to market dynamics, regulatory changes, and economic conditions.