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Tuesday, May 17, 2022

Sea Game Sales Top Estimates, Offsetting E-Commerce Slowdown

Sea Ltd. Games revenue has grown faster than expected in the first quarter, removing the decline in the Southeast Asian internet business as internet activity declines from the peak of the epidemic.


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The seafood arm, its most lucrative component, has sold sales of $ 1.14 billion, compared to less than $ 930 million. Its shares have risen more than 10% in trading before the opening of US trading.

Singapore's largest e-commerce business did not work well. Consumers coming out of a long-term closure are cutting back on online shopping, especially with the Ukrainian war and rising interest rates that are stifling the outlook for the global economy.

Sea has reviewed its annual vision for e-commerce sales, its main source of revenue, from $ 8.5 billion to $ 9.1 billion from its previous target of $ 8.9 billion to $ 9.1 billion. The company also reported broad losses in the first three months as costs went up.


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The epidemic has created an online shopping and game share as consumers spend more time and money online, helping Sea become the most important Southeast Asian company. But the broad selloff of technology, the closure of its e-commerce operation in India and the disappointing profit have erased 81% of your value since peak in October.

Revenue for the first quarter from Shopee, an offshore e-commerce unit, increased by 64% to $ 1.5 billion, compared to the estimated $ 1.7 billion.

Revenue from the Garena sports sector gained 45%. The company said in March it expects Garena to send $ 2.9 billion to $ 3.1 billion in bookings by 2022, which will be its first downfall.

Sea plans to diversify its portfolio across game genres, Chief Executive Officer Forst Li said. Moonlight Blade, a third-party online simulation game, will be launched on mobile phones and PCs in Thailand in the coming months after its launch in Taiwan last year, he said. The company is also exploring partnerships for publishing and making early investments in sports studios. \


Revenue from SeaMoney, an offshore digital financial services unit, is more than four times the $ 236 million.

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Total losses in the first three months expanded to $ 579.8 million from $ 422.7 million last year. Revenue increased by 64% to $ 2.9 billion, the lowest growth rate in more than four years.

Cost of research and development increased by 141% to $ 340.4 million, largely due to high labor costs from rising population growth and technological investment.

Cost of sales and sales exceeded 48% to $ 1 billion.

The total value of Shopee's assets, the total amount of money flowing into its territory, grew by 39% to $ 17.4 billion.

The total payout for the Sea Fund has increased by 49% to $ 5.1 billion.

Sea Ltd Extends FY E-Commerce Revenue Forecast

Market Reaction


Marine stocks jumped more than 10% in early trading. They had lost 69% this year until Monday.
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