Sea Limited reported its financial results for the fourth quarter and full year ended December 31, 2024, marking its second consecutive year of annual positive profit. Total GAAP revenue for the full year increased by 28.8% to US$16.8 billion, up from US$13.1 billion in 2023. The company achieved a full-year net income of US$447.8 million, a significant increase from US$162.7 million in 2023, with basic earnings per share rising to US$0.77 from US$0.27.
All three of Sea's businesses—Shopee, digital financial services, and Garena—recorded positive adjusted EBITDA for the full year 2024. Shopee's Gross Merchandise Value (GMV) surpassed US$100 billion, growing 28% year-on-year, and achieved adjusted EBITDA profitability in both Asia and Brazil. For 2025, Shopee expects GMV growth to be around 20% with improving profitability.
The digital financial services segment saw its loan book grow over 60% year-on-year in the fourth quarter, exceeding US$5 billion by the end of 2024. Garena's Free Fire annual bookings grew 34% year-on-year in 2024, and the company anticipates double-digit year-on-year growth for both its user base and bookings in 2025. The company's cash, cash equivalents, short-term, and other treasury investments stood at US$10.4 billion as of December 31, 2024.
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