Sea Ltd ( SE ) shares rose Tuesday after the Singapore-based technology group reported fiscal third-quarter 2025 results that paired robust top-line growth with an earnings miss.

Quarterly revenue rose 38.3% year-on-year to $5.99 billion, ahead of analyst expectations of $5.65 billion.

The company posted earnings per share of 59 cents, missing the consensus forecast of 77 cents.

Also Read: Sea Stock Jumps As E-Commerce, Fintech, Gaming All Deliver Double-Digit Growth

Segment Performance

Sea generates revenue through three segments—Garena, Shopee, and Monee.

Garena monetizes through in-game purchases and advertising, Shopee earns fees from transactions, seller services, and ads, while Monee contributes through transaction charges and financial products, including loans and insurance.

Revenue from Digital Entertainment grew 31.2% year-over-year to $653.0 million. Bookings rose 51.1% to $840.7 million, while adjusted EBITDA increased 48.2% to $465.9 million. Quarterly active users climbed 6.7% to 670.8 million, and average bookings per user rose to $1.25 from 89 cents a year earlier.

E-commerce revenue climbed 34.9% year-over-year to $4.3 billion, while adjusted EBITDA surged to $186.1 million from $34.4 million a year earlier.

Core marketplace revenue surged 52.8% to $3.1 billion. Gross orders rose 28.4% to 3.6 billion, while gross merchandise value increased by the same rate to $32.2 billion.

Digital Financial Services revenue advanced 60.8% year-over-year to $989.9 million. Adjusted EBITDA rose 37.5% to $258.3 million.

Sea generated $1.18 billion in operating cash flow during the quarter and ended September 30, 2025, with $3.07 billion in cash and equivalents.

CEO Commentary

Sea Chairman and CEO Forrest Li said the company sustained its strong momentum from the first half of the year into the third quarter, maintaining a focus on high and profitable growth across e-commerce, digital finance, and entertainment.

He noted that as e-commerce and digital finance adoption continue to rise in its core markets, the company is well-positioned for further expansion.

Li said Shopee delivered a record-breaking quarter, setting new highs in GMV, order volume, and revenue, while improving profitability across Asia and Brazil.

He added that Shopee now expects to exceed 25% full-year GMV growth in 2025, supported by strong monetization, growth momentum, and a solid balance sheet.

Li highlighted continued strength at Monee, citing user gains and product expansion, alongside healthy portfolio quality as SPayLater extends beyond e-commerce into broader financial use cases.

On gaming, Li said Garena achieved its best performance since 2021, supported by two major Free Fire campaigns—Squid Game and Naruto Shippuden Chapter 2—and remains on track to deliver more than 30% year-over-year bookings growth in 2025.

Price Action: SE stock was trading higher by 3.94% to $161.17 premarket at last check Tuesday.

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