Companies /Consumer Cyclical

Sea Ltd

NYSE: SE Internet Retail
$113.10
▲ $0.29 (+0.26%) today
Markets closed · 7:29am ET

Q1 2025 Earnings

Reported May 13, 2025, 4:05pm ET · SEC source
$0.65
Miss −28.76%
EPS · est. $0.91
$4.8B
Miss −0.92%
Revenue · est. $4.9B
−1.6%
Trailing market
SE vs S&P since report
6 quarters
Consecutive EPS misses

Market Reaction

% change · around the report
−3%0+3%May 13May 14report 4:05pm ETearnings−0.1%+4.3%
−3%0+3%May 13May 14earnings−0.1%+4.3%
SE +4.3%S&P 500 −0.1%
−3%0+3%May 13May 14report 4:05pm ETearnings+0.6%+4.3%
−3%0+3%May 13May 14earnings+0.6%+4.3%
SE +4.3%NASDAQ +0.6%
−10%−5%0+5%May 12May 21report 4:05pm ETearnings−0.6%+4.9%
−10%−5%0+5%May 12May 21earnings−0.6%+4.9%
SE +4.9%S&P 500 −0.6%
−10%−5%0+5%May 12May 21report 4:05pm ETearnings−0.4%+4.9%
−10%−5%0+5%May 12May 21earnings−0.4%+4.9%
SE +4.9%NASDAQ −0.4%
+8.20%
Day of report
+5.87%
Next session
+5.37%
One week
+0.16%
30 days

S&P 500 over the same 30 days: +1.73%.

Did SE Beat Earnings? Q1 2025 Results

Sea Limited delivered a mixed but broadly impressive first quarter for 2025, posting earnings per share of $0.65 that missed the $0.91 consensus estimate by 28.76%, while revenue of $4.84 billion grew 29.6% year-over-year yet came in just 0.92% shy of the $4.89 billion Wall Street expected. The headline miss on earnings, however, obscures a genuinely transformative quarter beneath the surface: operating income surged 542% to $456.40 million as all three business segments turned profitable simultaneously for the first time, a milestone that has drawn fresh attention to the company's remarkable turnaround from its post-pandemic lows. The standout driver was Shopee's e-commerce swing to a $195.00 million operating profit from a $97.33 million loss a year ago, complemented by Garena's best bookings quarter since 2021 and Monee's 57.6% revenue growth in digital financial services. Management expressed increased confidence in achieving full-year guidance, citing the strong broad-based momentum heading into the remainder of 2025.

Key Takeaways
  • Record-high GMV of US$28.6 billion for Shopee, up 21.5% YoY
  • Gross orders totaled 3.1 billion, up 20.5% YoY
  • Core marketplace revenue growth of 39.2% driven by transaction-based fees and advertising
  • Monee credit business expansion with loans principal outstanding up 76.5% YoY to US$5.8 billion
  • Free Fire DAU approaching pandemic-era peak driven by NARUTO collaboration
  • Digital entertainment bookings up 51.4% YoY to US$775.4 million
  • Paying user ratio improved to 9.8% from 8.2% YoY
  • Quarterly active users reached 661.8 million, up 11.3% YoY
  • Interest income of US$88.8 million contributing to non-operating income

“We have delivered another great quarter of strong growth with improving profitability across all three businesses. Our strong start to the year gives us more confidence of achieving our full-year guidance.”

Sea CEO, on the earnings call

Forward Guidance & Outlook

Management expressed increased confidence in achieving full-year guidance based on the strong Q1 2025 performance across all three business segments. The company plans to continue driving Free Fire's popularity and longevity, improve localized content across its games, and expand its game portfolio. For Shopee, the focus remains on enhancing price competitiveness, improving service quality, and strengthening the content ecosystem. For Monee, the company aims to grow in a way that is resilient to credit cycles and profitable into the long term, with risk management as a top priority.

SE YoY Financials

Q1 2025 vs Q1 2024 · SEC filings Q1 2024 Q1 2025
$0$2.0B$4.0B$3.7B$4.8BRevenue$1.6B$2.2BGross Profit$71.1M$456.4MOperating Income$21.2M$410.8MNet Income
$0$2.0B$4.0BRevenueGross ProfitOperating IncomeNet Income

SE Revenue by Segment

Shopee
Shopee Core Marketplace$2.4B+39.2%
Shopee (E-commerce)$3.5B+28.3%
Core Marketplace Revenue
Monee
Monee (Digital Financial Services)$787.1M+57.6%
Shopee Value-Added Services (Logistics)$752.2M+4.1%
Garena

Figures from SEC filings and company reports. Not investment advice.