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Mar 31, 2025
Sea Q1 2025 Earnings Report
Sea reported a strong Q1 2025 with solid revenue growth and a return to profitability.
Key Takeaways
Sea delivered a robust Q1 with $4.84 billion in revenue and a net income of $410.8 million, driven by record e-commerce performance, strong digital financial services growth, and a significant rebound in digital entertainment.
Revenue rose to $4.84 billion, up from $3.73 billion a year ago.
Net income reached $410.8 million, reversing a $23 million loss from Q1 2024.
Shopee achieved record-high GMV and order volume.
Garena's Free Fire saw its best quarter since 2021, boosted by the NARUTO collaboration.
Revenue by Segment
Forward Guidance
Sea expects continued momentum across all three business units, with confidence in meeting full-year targets.
Positive Outlook
- Strong profitability across all segments.
- Shopee maintains leadership with enhanced operational efficiency.
- Monee showing resilient and profitable lending growth.
- Garena's Free Fire engagement returned to near-pandemic peak levels.
- Total adjusted EBITDA more than doubled YoY to $946.5M.
Challenges Ahead
- Provision for credit losses surged by 74.3% to $281.9M.
- Sales and marketing expenses rose by over $160M YoY.
- Cash and cash equivalents declined QoQ.
- R&D spending remains high despite slight decline.
- Growing competition in e-commerce and gaming markets remains a risk.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
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