Sea’s First Quarter 2023 Results

2023-5-16

Earlier today we reported our results for the first quarter of 2023, a summary of which is attached.

I am happy to say that we have reported strong performance this quarter. This continuation of good results from the previous quarter, when we first became profitable, shows that we are turning one data point into a positive trend. Let’s continue to do all we can to keep going in this direction!

Our success this quarter has been driven by our dual focus on enhancing operational efficiency and our users’ experiences. This has resulted in improvements across many metrics. One such indicator I was glad to see is Free Fire’s user base beginning to rebound: in April, the game reached a new peak in monthly active users in the last 8-month period. This is a positive sign that Garena’s commitment to improving gameplay, being responsive to user feedback, and creating stronger community for our users is paying off. Similarly, at Shopee and SeaMoney, we have been working hard to improve the user experience at every stage, from delivery and returns logistics to the safety and security of transactions. This attention to every aspect of our users’ experiences builds customer loyalty that money cannot buy.

I want to thank you all again for your commitment and determination while we have navigated this crisis and pivoted to self-sufficiency. Despite the challenges, you have strengthened the fundamentals of our business. Our results for the quarter are a testament to the hard work and dedication that you have all shown.

We are now in a position to, once again, focus on the long-term opportunities that lie ahead in our markets. There is much we can still do to deliver on our mission of improving lives through technology. I am excited for the quarters ahead!

Sincerely,
Forrest