Shopee owner Sea’s quarterly revenue jumps on steady ecommerce demand

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(Reuters) – Southeast Asian technology firm Sea Ltd on Tuesday reported a 30% surge in first-quarter revenue, helped by steady growth across its diverse set of businesses, sending its U.S.-listed shares up 5% in early trading.

Purchases on Sea’s e-commerce platform, Shopee — available across various Southeast Asian countries and Taiwan — jumped 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 had said in March it expects Shopee’s gross merchandise volume — total value of sold goods — to grow around 20% in 2025, with improving profitability.

The strong start to the year gives the confidence to achieve the full-year forecast, CEO Forrest Li said in a statement.

The company’s revenue rose 29.6% to $4.84 billion for the January to March period, compared with analysts’ average estimate of $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% jump in revenue in the first-quarter.

Meanwhile, its gross merchandise value rose 21.5% in the first quarter to $28.6 billion.

Sea’s per-share profit of 65 cents beat estimates of 63 cents.

The digital financial services segment reported a 58% surge in quarterly revenue, the biggest jump in two years.

The segment houses Monee, formerly called SeaMoney, which provides digital payment solutions, credit services, and insurance products across Southeast Asia, and is seamlessly integrated with Shopee’s e-commerce ecosystem.

(Reporting by Akash Sriram in Bengaluru; Editing by Shailesh Kuber)