Shopee-Owner Sea Quarterly Revenue Jumps on Steady Ecommerce Demand

Reuters
05-13

May 13 (Reuters) - Southeast Asian technology firm Sea Ltd on Tuesday reported a 30% surge in its first-quarter revenue, helped by steady growth in its e-commerce, entertainment and financial services businesses, sending its shares up 8.9% in premarket trading.

Purchases on Sea's e-commerce platform, Shopee — available across various Southeast Asian countries and Taiwan — surged ahead of the summer holiday and travel season.

The platform, which is a market leader in Indonesia, has attracted a large user base and become a significant growth driver for its parent company.

Shopee also offers diverse product categories, integrated digital payments, and interactive features like live streaming and in-app games.

The company's revenue rose 29.6% to $4.84 billion for the January to March period, compared with analysts' average estimate of $4.89 billion, according to data compiled by LSEG.

Sea's e-commerce segment, which accounts for more than two-thirds of the company's total business, reported a 28.3% jump in revenue in the first-quarter.

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