Sea Limited (SE, Financial) just sent a jolt through the market, with shares spiking over 15% after delivering a blowout Q3 2024 performance. The company posted a 30.8% year-over-year revenue jump to $4.3 billion and flipping last year's $144 million loss into a net income of $153.3 million. Shopee, SeaMoney, and Garena all fired on all cylinders, with Shopee hitting profitability in key markets and SeaMoney's loan portfolio ballooning by a jaw-dropping 70%. Meanwhile, Garena's Free Fire continues to dominate, racking up over 30% growth in bookings.
Shopee, Sea's e-commerce juggernaut, pulled in $3.2 billion in revenue—a 42.6% leap from last year—on the back of a 25.2% boost in GMV to $25.1 billion. SeaMoney's revenue surged 38%, and its ultra-low 1.2% non-performing loan ratio shows a rock-solid lending strategy. Even Garena, which saw a 15.9% dip in digital entertainment revenue, flexed its muscles with a 24.3% rise in bookings, signaling stronger user engagement and monetization. And let's not ignore this gem: Shopee is profitable not just in Asia but also in Brazil—proof of its global ambitions paying off.
For investors, the message is clear: Sea Limited is back in growth mode, and it's profitable. The trifecta of thriving e-commerce, stable digital financial services, and resilient gaming has Sea positioned to ride the wave in its core Southeast Asian markets and beyond. With today's rally, the market is taking note, and you might want to, too—this growth story looks far from over
