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.
Garena’s adjusted Ebitda in 2Q2021 was US$740.9 million, up 69.8% y-o-y, on a revenue of US$1 billion, up 166.8% y-o-y. Quarterly active users reached 725.2million, an increase of 45.1% y-o-y. Quarterly paying users grew by 84.8% y-o-y to 92.2million.
E-commerce website, Shopee’s 2Q2021 revenue rose 160.7% y-o-y to US$1.2 billion. Gross orders in the second quarter rose 127.4% y-o-y to 1.4 billion. Shopee recorded an adjusted Ebitda loss per order of US$0.41 per order, down 19.6% y-o-y.
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Sea said it is raising the guidance for both digital entertainment and e-commerce for the full year of 2021. “We expect bookings for digital entertainment to be between US$4.5 billion and US$4.7 billion, representing 44.4% growth from 2020 at the midpoint of the revised guidance. We also expect GAAP revenue for e-commerce to be between US$4.7 billion and US$4.9 billion, representing 121.5% growth from 2020 at the midpoint of the revised guidance,” the FinTech group said.
