Sea announces revenue surge, raises guidance but retains a net loss in 2Q2021

Sea, which owns Garena and Shopee, reported a 158.6% y-o-y surge in GAAP (generally accepted accounting principles) revenue to US$2.3 billion, and gross profit of US$930.9 million, up 363.5% y-o-y in 2Q2021, for the three months to June 30. All in, Sea made a net loss of US$433.7 million in 2Q2021, up from a loss of US$393.5 million in the same period last year, as sales and marketing expenses, general and administrative expenses, and research and development expenses surged as well.