Sea Limited announced its financial results for the third quarter ended September 30, 2024, reporting a total GAAP revenue increase of 30.8% year-on-year to US$4.3 billion. The company achieved a net income of US$153.3 million in Q3 2024, a substantial improvement from a net loss of US$144.0 million in the same period last year. Basic earnings per share attributable to ordinary shareholders stood at US$0.26, reversing a basic loss per share of US$(0.26) from Q3 2023.
The e-commerce segment, Shopee, achieved positive adjusted EBITDA in both Asia and Brazil, with management expecting this profitability to continue. SeaMoney, the digital financial services arm, saw its loan book grow by over 70% year-on-year, while maintaining a stable non-performing loan ratio. Garena, the digital entertainment segment, projected its Free Fire full-year bookings to grow over 30% year-on-year.
Overall sales and marketing expenses decreased by 4.3% to US$878.6 million, demonstrating improved efficiency. However, the provision for credit losses increased by 47.7% to US$212.0 million, reflecting the expansion of the credit business. The company's cash, cash equivalents, short-term, and other treasury investments totaled US$9.0 billion as of September 30, 2024.
The content on BeyondSPX is for informational purposes only and should not be construed as financial or investment advice. We are not financial advisors. Consult with a qualified professional before making any investment decisions. Any actions you take based on information from this site are solely at your own risk.