Shopee-Owner Sea Surpasses Revenue Estimates on Steady E-Commerce Demand

Reuters11-12

Sea Ltd beat third-quarter revenue estimates on Tuesday, helped by steady growth in its e-commerce, entertainment and financial services businesses, sending shares of the Southeast Asian technology firm up nearly 7% before the bell.

Shopee achieved adjusted core profit in the third quarter in Asia and Brazil, said Sea CEO Forrest Li.

The application is available mostly in South East Asia and Brazil after exiting India, and some markets in Europe and Latin America.

"As we continue to focus on delivering growth, we expect Shopee to remain profitable going forward," he added.

E-commerce revenue, which makes up more than two-thirds of the company's total business, grew 42.6% to $3.2 billion in the quarter ended Sept. 30, compared with expectations of $2.92 billion, according to data compiled by LSEG.

Gross orders in e-commerce grew 24.2% to 2.8 billion.

The company, which has diversified into digital finances and entertainment to tap into growing demand for such services, said its total revenue jumped 30.8% to $4.33 billion in the quarter, above analysts' consensus estimate of $4.08 billion.

The financial services business, which is home to digital payments and financial services provider SeaMoney, reported revenue growth of 38%, beating estimates of a 21.7% increase.

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