The results assuage some concerns about the prospects of e-commerce arm Shopee. The region’s top online retail platform is battling deep-pocketed global challengers including ByteDance’s TikTok Shop and Alibaba Group Holding’s Lazada. Emerging players like Shein and PDD Holding’s Temu are also eyeing to break into the emerging region of 675 million people where more and more shoppers are coming online.
Sea second-quarter sales beat analysts’ estimates as more of Southeast Asia’s consumers turn to online shopping for anything from iPhones to daily groceries.
The stock climbed 8% in pre-market trading after Sea said revenue rose 38% to a record US$5.26 billion in the three months through June. Analysts estimated US$5 billion on average. Net income jumped to US$414.2 million from US$79.9 million a year earlier, but fell short of the US$444 million analysts predicted.
