Shopee owner Sea’s quarterly revenue jumps on steady e-commerce demand

NEW YORK – South-east Asian technology firm Sea on May 13 reported a 30 per cent surge in first-quarter revenue, helped by steady growth across its diverse set of businesses, sending its US-listed shares up 10 per cent in pre-market trading.

Purchases on Sea’s e-commerce platform Shopee – available across various South-east 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 had said in March it expects Shopee’s gross merchandise volume – total value of sold goods – to grow around 20 per cent in 2025, with improving profitability.

The strong start to the year gives the confidence to achieve the full-year forecast, Sea chief executive Forrest Li said in a statement.

The company’s revenue rose 29.6 per cent to US$4.84 billion (S$6.3 billion) for the January to March period, compared with analysts’ average estimate of US$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 per cent jump in revenue in the first quarter.

Meanwhile, its gross merchandise value rose 21.5 per cent in the first quarter to US$28.6 billion.

Sea’s per-share profit of 65 US cents beat estimates of 63 US cents.

The digital financial services segment reported a 58 per cent surge in quarterly revenue, the biggest jump in two years.

The segment houses Monee, formerly called SeaMoney, which provides digital payment solutions, credit services and insurance products across South-east Asia, and is seamlessly integrated with Shopee’s e-commerce ecosystem. REUTERS