Shopee-owner Sea beats quarterly revenue estimates
Sea also reported strong revenue growth in its financial services unit, due to strong demand for its credit products from small- and medium-sized businesses, while its entertainment segment saw a 28.4% rise in revenue.
Shopee, a popular e-commerce platform in Southeast Asia and Taiwan, with a notable presence in Latin America, has been seeing strong consumer demand, helped by the company's efforts to offer competitive pricing and improved customer experience.
The e-commerce unit, which turned profitable last year and accounts for more than 60% of its overall revenue, reported a 33.7% jump in revenue to $3.8 billion in the April-June quarter.
Sea's digital financial products arm, home to its Monee app that offers services including payment processing, digital wallets and credit services, reported a 70% rise in revenue to $882.8 million.
The Singapore-based tech company reported revenue of $5.26 billion in the second quarter ended June, up 38.2% from last year and compared with analysts' average estimate of $4.98 billion, according to data compiled by LSEG.
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