Sea Limited announced strong financial results for the first quarter ended March 31, 2025, with total GAAP revenue increasing by 29.6% year-on-year to US$4.8 billion. The company reported a net income of US$403.1 million, a significant turnaround from a net loss of US$23.7 million in the prior year's quarter. Basic earnings per share reached US$0.68, compared to a basic loss per share of US$0.04 in Q1 2024.
In a strategic move, Sea Limited rebranded its digital financial services arm from SeaMoney to Monee on May 8, 2025, aiming for a simpler and more synergistic brand identity with Shopee. Monee delivered robust growth, with its loan book expanding over 75% year-on-year to US$5.8 billion and active users for consumer and SME loan products exceeding 28 million, representing over 50% year-on-year growth. The 90-day non-performing loan ratio remained stable at 1.1%.
Shopee achieved record-high GMV of US$28.6 billion, up 21.5% year-on-year, and 3.1 billion gross orders. The e-commerce platform's ad revenue grew over 50% year-on-year, and it reduced overall logistics cost-per-order by 6% in Asia and 21% in Brazil. Garena also had its best quarter since 2021, with total bookings growing 51% and adjusted EBITDA increasing 57% year-on-year, driven by successful collaborations like NARUTO SHIPPUDEN.
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