Sea’s First Quarter 2024 Results

2024-5-14

Dear Sailors,

Earlier today we reported our results for the first quarter of 2024, a summary of which is attached.

I am happy to share that we have kicked off 2024 with a strong quarter, with good growth and improved profitability across our three businesses. Shopee achieved its highest ever quarterly orders, GMV, and revenue. SeaMoney has shown solid revenue and profit growth, especially in our credit business, while also managing to maintain a stable, prudent risk profile. And I am glad to see that Garena is back to positive growth, thanks to strong performance by Free Fire across our markets. Well done, Sailors!

This quarter, we continued to delight our users, and these efforts have paid off in growth. Shopee has put a lot of hard work into developing SPX Express into one of the fastest and most extensive logistics operators in our markets: this quarter, about 70% of SPX Express orders in Asia were delivered within three days of order placement. This greatly enhances customer experience, and reinforces Shopee’s reputation as a reliable shopping destination. SeaMoney has made good progress in growing our loan book and user scale: we now have more than 18 million consumer and SME active loan users, representing 42% year-on-year growth. And Garena has kept player engagement high by frequently releasing fresh, exciting content updates to Free Fire. In its 7th year now, Free Fire is still one of the largest mobile games in the world by user scale, and I feel confident that, with continued effort, we can build it into an evergreen franchise.

We have a clear roadmap to profitable growth for the year, and this strong first quarter gives us a good head start to it. Thank you for your continued effort, Sailors – let’s keep pushing!

Sincerely,
Forrest