Sea Limited (NYSE: SE), a leading global consumer internet company, reported its financial results for the second quarter ended June 30, 2024. The company announced a total GAAP revenue of US$3.8 billion, marking a 23.0% increase year-on-year, with a net income of US$79.9 million, a significant decrease from US$331.0 million in the same quarter of the previous year. The total adjusted EBITDA was US$448.5 million, down from US$510.0 million in Q2 2023. Sea's e-commerce platform, Shopee, is expected to become adjusted EBITDA positive from Q3, with a revised full-year GMV growth guidance to mid-20%. Garena, Sea's digital entertainment arm, saw over 20% year-on-year growth in bookings, mainly contributed by the game Free Fire, which had more than 100 million daily...Show More

Sea Limited (NYSE: SE), a leading global consumer internet company, reported its financial results for the second quarter ended June 30, 2024. The company announced a total GAAP revenue of US$3.8 billion, marking a 23.0% increase year-on-year, with a net income of US$79.9 million, a significant decrease from US$331.0 million in the same quarter of the previous year. The total adjusted EBITDA was US$448.5 million, down from US$510.0 million in Q2 2023. Sea's e-commerce platform, Shopee, is expected to become adjusted EBITDA positive from Q3, with a revised full-year GMV growth guidance to mid-20%. Garena, Sea's digital entertainment arm, saw over 20% year-on-year growth in bookings, mainly contributed by the game Free Fire, which had more than 100 million daily active players throughout Q2. The company's digital financial services also reported a 21.4% increase in GAAP revenue year-on-year. Additionally, Sea Limited announced changes to its board of directors, with Dr. Silvio Savarese and Ms. Jessica Tan joining as independent directors, and Mr. Tony Hou stepping down from the board while continuing as Sea's Chief Financial Officer.