Did SE really come roaring back?
I know $Sea Ltd(SE)$ struggled last year. But, boy, did it really come roaring back - not just its ecommerce business Shopee but also its gaming division now contributing the way it used to.
A sort of $Alibaba(BABA)$ $BABA-W(09988)$ + $TENCENT(00700)$ $Tencent Holding Ltd.(TCEHY)$ of the Emerging Markets rolled into one dynamo.
Sea Limited $SE 3Q results:
Revenue +30.8% to $4.3 billion (Major BEAT!)
Adjusted EPS +200% to $0.26 (from -$0.26 loss) (Meet)
Metrics:
- Ecommerce GMV +25.2% to $25.1B
Ecom gross orders +24.2% to 2.8B
GAAP revenue +42.6% to $3.2B
Adjusted EBITDA swings from $346m loss to $34.4m profit (BIG IMPROVEMENT!)
- Digital Finance revenue +38% to $615.7m
Digital Financial adjusted EBITDA +13.4% to $187.9m
NPLs past 90days slightly improves to 1.2%
- Digital Entertainment revenue -15.9% to $497.8m
Bookings +24.3% to $556m
Adjusted EBITDA +34.4% to $314.4m
QAUs +15.5% to 628.5m users
QPUs +23.9% to 50.2m users
Average bookings per user +8.5% to $0.89
Massive improvements from all fronts for the company, with eCommerce surging back into profitability. This signals an end to the bleeding caused by heavy promotions to gain market share in the past.
Steady gains in financial services with well-managed NPLs. Recovery in digital entertainment profitability, with revenue growth in the horizon.
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