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Mar 31
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.
Sea
Sea
Sea Revenue by Segment
Revenue by Segment
E-commerce Revenue
CapyFin.comDigital Fin. Services Revenue
CapyFin.comDigital Entertainment Revenue
CapyFin.com 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