Singapore, November 14, 2023 – Sea Limited (NYSE: SE) (“Sea” or the “Company”) today announced its financial results for the third quarter ended September 30, 2023.
Third Quarter 2023 Highlights
Group
Total GAAP revenue was US$3.3 billion, up 4.9% year-on-year.
Total gross profit was US$1.4 billion, up 17.4% year-on-year.
Total net loss was US$(144.0) million, as compared to total net loss of US$(569.3) million for the third quarter of 2022.
Total adjusted EBITDA was US$35.3 million, as compared to a loss of US$(357.7) million for the third quarter of 2022.
As of September 30, 2023, cash, cash equivalents, short-term and other treasury investments were US$7.9 billion, representing a net increase of US$274.0 million from June 30, 2023.
E-commerce
GAAP revenue was US$2.2 billion, up 16.2% year-on-year.
GAAP revenue included US$1.9 billion of GAAP marketplace revenue, which consists of core marketplace revenue and value-added services revenue and increased by 18.2% year-on-year.
Core marketplace revenue, mainly consisting of transaction-based fees and advertising revenues, was up 31.7% year-on-year to US$1.3 billion.
Value-added services revenue, mainly consisting of revenues related to logistics services, was down 4.2% year-on-year to US$592.8 million.
Digital Entertainment
GAAP revenue was US$592.2 million, up 11.9% quarter-on-quarter.
Bookings were US$447.9 million, as compared to US$443.1 million for the previous quarter.
Adjusted EBITDA was US$234.0 million, as compared to US$239.5 million for the previous quarter.
Adjusted EBITDA represented 52.2% of bookings for the third quarter of 2023, as compared to 54.0% for the previous quarter.
Quarterly active users were 544.1 million, as compared to 544.5 million for the previous quarter.
Quarterly paying users were 40.5 million, as compared to 43.1 million for the previous quarter. Paying user ratio was 7.5%, as compared to 7.9% for the previous quarter
Digital Financial Services
GAAP revenue was US$446.2 million, up 36.5% year-on-year.
Adjusted EBITDA1 was US$165.7 million, as compared to a loss of US$(67.7) million for the third quarter of 2022.
As of September 30, 2023, gross loans receivable increased by 5.3% sequentially to US$2.4 billion, before netting off allowance for credit losses of US$288.1 million. Non-performing loans past due by more than 90 days as a percentage of our gross loans receivable was 1.6%, improving quarter-on-quarter.
Image source: SEA IR