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Shopee-owner Sea surpasses revenue estimates on steady e-commerce demand
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Shopee-owner Sea surpasses revenue estimates on steady e-commerce demand
Nov 12, 2024 4:23 PM

Nov 12 (Reuters) - Southeast Asian technology firm Sea

Ltd ( SE ) beat estimates for third-quarter revenue on Tuesday,

helped by steady growth in its e-commerce, entertainment and

financial services businesses.

U.S.-listed shares of the Singapore-based company rose

nearly 4% in premarket trading.

Sea's e-commerce platform, Shopee, saw growth in purchases

across Southeast Asia and Taiwan as consumers prepared for the

upcoming holiday and travel season.

The company has also diversified into digital finances and

entertainment, aiming to tap into growing demand for such

services in the region.

Its revenue rose 30.8% to $4.33 billion in the third

quarter, above analysts' consensus estimate of $4.08 billion,

according to data compiled by LSEG.

E-commerce revenue, which makes up more than two-thirds of

the company's total business, grew 42.6% to $3.2 billion in the

quarter ended Sept. 30, compared with expectations of $2.92

billion, according to data compiled by LSEG.

The segment's gross orders in the third quarter grew 24.2%

to 2.8 billion.

(Reporting by Akash Sriram in Bengaluru; Editing by Shinjini

Ganguli)

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