Strong Growth Across Businesses: Sea Limited reported solid performance in Q3 2024, with total GAAP revenue increasing 31% year-on-year to $4.3 billion. Each business unit exhibited growth: Shopee's GMV grew mid-20s percentage year-on-year, SeaMoney's loan book increased by over 70%, and Garena's Free Fire bookings are projected to grow over 30% year-on-year.
E-Commerce Profitability and Strategies: Shopee has achieved positive adjusted EBITDA in both Asia and Brazil, with improvements in monetization through commissions and advertising. Average monthly active buyers increased over 20% year-on-year, showcasing strong user growth. Shopee plans to maintain a focus on competitive pricing and service quality while pursuing further advertising revenue growth through enhanced seller tools and experiences.
Digital Financial Services Expansion: SeaMoney's loan book grew over 70% year-on-year, with 4 million first-time borrowers added in Q3. The NPL (non-performing loans) ratio remained stable at 1.2%. There is potential for further growth by capitalizing on Shopee's user base for credit services and expanding offerings beyond online purchases, particularly in markets like Indonesia and Brazil.