Shopee-owner Sea quarterly revenue jumps on steady e-commerce demand
Purchases on Shopee surged ahead of the summer holiday and travel season. ST PHOTO: MARK CHEONG
South-east Asian technology firm Sea on May 13 reported a 30 per cent surge in its first-quarter revenue, helped by steady growth in its e-commerce, entertainment and financial services businesses, sending its shares up over 7 per cent in premarket trading.
Purchases on Sea's e-commerce platform, Shopee – available across various South-east Asian countries and Taiwan – surged ahead of the summer holiday and travel season.
The platform, which is a market leader in Indonesia, has attracted a large user base and become a significant growth driver for its parent company.
Shopee also offers diverse product categories, integrated digital payments, and interactive features like live streaming and in-app games.
The company's revenue rose 29.6 per cent to US$4.84 billion (S$6.3 billion) for the January to March period, compared with analysts' average estimate of US$4.89 billion, according to data compiled by LSEG.
Sea's e-commerce segment, which accounts for more than two-thirds of the company's total business, reported a 28.3 per cent jump in revenue in the first-quarter. REUTERS
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