Sea’s Second Quarter 2024 Results

2024-8-13

Dear Sailors,

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

I am happy to share that we have reported a strong Q2 result, building on the positive results of Q1. Well done, Sailors!

Shopee has maintained its market leadership well, while posting healthy, sustainable growth and improving profitability. Our hard work to relentlessly enhance our price competitiveness, improve our service quality to customers, and strengthen our content ecosystem is paying off. From improving our ad services to sellers, to enhancing our return-refund process for buyers, to continuously optimizing our logistics networks and improving delivery speeds, we are demonstrating, quarter to quarter, our ability to execute on our priorities.

SeaMoney has made good progress in acquiring new users and expanding our loan book size, while holding steady on risk exposure. This quarter, we registered over double the number of first-time borrowers compared to one year ago. This expanding user base will be a strong foundation for future growth, especially as we continue to introduce more product offerings in our markets.

And Garena has turned back to growth mode, with Free Fire’s consistent efforts to put out new, frequent, engaging content paying off. I am very proud to share that, every single day throughout Q2, we had more than 100 million daily active players on Free Fire. This demonstrates Free Fire’s continued staying power, even post Covid.

Your achievements this quarter give us great momentum for the rest of the year. Things are moving in the right direction. Let us keep pushing hard, and deliver an even better full-year outcome!

Sincerely,
Forrest