$Sea Ltd(SE)$ 

• Revenue +7% Y/Y to $3.5B ($0.4B beat).

• EPS $0.72 ($1.27 beat).

- Shopee adj. margin 9% (+64pp Y/Y).

- Garena Bookings -18% Q/Q to $0.5B.

- SeaMoney revenue +93% Y/Y.

Significant earnings beat driven by lower sales & marketing expenses, should monitor Garena cash cow for further deterioration

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