Sea Limited Reports First Quarter 2023 Results – Sea (NYSE:SE) – Press Release

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Sea Limited SE (“Sea” or the “Company”) today announced its financial results for the first quarter ended March 31, 2023.

“The first quarter of 2023 was another strong quarter for us,” said Forrest Li, Sea’s Chairman and Group Chief Executive Officer. “The results for the quarter are a testament to our team’s commitment and creativity. We have innovated to do more with fewer resources, while never losing sight of our commitment to our users, and never letting our service standards fall. Across our business, we have been focused on maximizing operational efficiency and improving user experiences. And we continued to make meaningful progress on both fronts.”

“We are also pleased with the progress we have made so far to strengthen the fundamentals of our business. As we continue to fine-tune our operations and navigate near-term macro uncertainties, we remain highly confident in the long-term opportunities in our markets and our ability to capture those profitably.”

First Quarter 2023 Highlights

  • Group

    • Total GAAP revenue was US$3.0 billion, up 4.9% year-on-year.

    • Total gross profit was US$1.4 billion, up 21.1% year-on-year.

    • Total net income was US$87.3 million, as compared to total net loss of US$(580.1) million for the first quarter of 2022. Total net income was negatively impacted by US$117.9 million impairment of goodwill associated with our prior acquisition.

    • Total adjusted EBITDA1 was US$507.2 million, as compared to US$(509.9) million for the first quarter of 2022.

    • As of March 31, 2023, cash, cash equivalents, short-term investments, and other treasury investments2 were US$7.2 billion, representing a net increase of US$257.5 million from December 31, 2022.
  • E-commerce

    • GAAP revenue was US$2.1 billion, up 36.3% year-on-year. Based on constant currency assumptions3, GAAP revenue was up 41.7% year-on-year.

    • GAAP revenue included US$1.8 billion of GAAP marketplace revenue, which consists of core marketplace revenue and value-added…

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