Sea Ltd

Sea Limited delivered a notably strong second quarter of 2026, with total revenue climbing 48.1% year-on-year to $7.79 billion, well ahead of analyst consensus estimates that had centered around $7.34 billion, while GAAP earnings per share came in at $0.70. The headline growth was powered by Shopee, whose e-commerce revenue rose 48.2% to $5.59 billion as gross merchandise volume reached $38.30 billion and core marketplace revenue surged 65.6% to $4.26 billion on improving monetization. Digital financial services arm Monee contributed meaningfully as well, growing revenue 58.9% to $1.40 billion as its loan book expanded 62.5% to $11.10 billion in principal outstanding, though that credit growth also drove a 71.5% increase in provision for credit losses, weighing on net income, which rose a comparatively modest 10.6% to $458.12 million. Ahead of the report, investors had debated whether Sea could balance ambitious expansion with profitability, and the results reflect that tension clearly. Looking ahead, management expressed confidence that Shopee will reach $1.00 billion in adjusted EBITDA for the full year 2026, even as investment spending remains elevated.