Sea Limited Reports First Quarter 2022 Results

2022-5-17

Dear Sailors,

Today we are reporting our results for the first quarter of 2022.

I am pleased to share that we have made a strong start to 2022. We recorded solid results across our business in the first quarter of 2022, despite challenging comparison to the same period last year during heightened COVID-related restrictions. As a result, we are well on track to achieve our previously shared projection of profitability in our Asia markets, while continuing to scale our businesses and capture market share globally.

Shopee and SeaMoney continued to enjoy operating leverage and efficiency gain as they scale and strengthen their market leadership positions, while Garena's strengths in content creation and community engagement ensure the popularity of our platform endures even as the global games industry faces post-pandemic headwinds.

The encouraging performance would not be possible without the dedication, passion, and creativity of our global teams. Thank you all for your commitment and contribution over the last quarter. As always, let us continue to focus on being humble, pragmatic, and agile while consistently driving string execution in serving the large, underserved communities in our regions.

As I shared in my email earlier this month, in spite of the challenging maco environment right now, I believe that, as a team, we are in a much stronger position now compared to a couple of years ago when the pandemic just started. We have significantly expanded our capabilities and strengthened our marekt leadership, we have more resources and a proven track record, and we have a much clearer and more certain path to achieve our long-term objectives.

By building on these foundations, and keeping our focus on our long-term ambitions, I am confident that we can achieve even greater things together in the quarters and years ahead.

Sincerely,
Forrest