Sea Ltd's Q4 total GAAP revenue was US$3.5 billion, up 7.1% year-on-year; total gross profit was US$1.7 billion, up 29.5% year-on-year, total net income turned positive to US$422.8 million, as compared to US$(616.3) million for the fourth quarter of 2021.
For the full year in 2022, total GAAP revenue was US$12.4 billion, up 25.1% year-on-year, total gross profit was US$5.2 billion, up 33.1% year-on-year, total net loss was US$1.7 billion, improving by 18.9% year-on-year.
“We are starting 2023 on a much stronger footing,” said Forrest Li, Sea’s Chairman and Group Chief Executive Officer. “Our decisive pivot to focus on efficiency and profitability since late last year is already driving meaningful bottom line improvements. We delivered positive total net income in the fourth quarter, demonstrating the strength and resilience of our underlying business model and the execution capabilities of our teams. As we continue this transition and maintain our focus on sustainable growth, our approach is to do less but do it better as we serve our users across our digital ecosystem.”