E-commerce and Financial Services Drive Record Growth
Sea Limited reported a remarkable surge in its Q2 2025 earnings, with a staggering 418.3 percent increase to US$414.2 million, a significant jump from the US$79.9 million recorded in the same period last year. This phenomenal performance was primarily driven by the strength of its core business units: the e-commerce arm, Shopee, and its digital financial services arm, Monee. The group’s overall revenue grew by an impressive 38.2 percent to US$5.3 billion for the quarter. This growth was led by Shopee, which saw its revenue climb 33.6 percent to US$3.3 billion, fueled by a 28.2 percent increase in Gross Merchandise Value (GMV) to 227.7 million, a stark reversal from the loss reported in Q2 2024.
Monee’s Expansion and Garena’s Resurgence
The strong quarterly results were further supported by the exceptional performance of Sea’s other key business units. Monee, the digital financial services arm, saw its revenue jump by a remarkable 70 percent to US$6.9 billion, a 94 percent year-on-year increase, while a healthy non-performing loan ratio of just 1 percent demonstrated effective risk management. Meanwhile, Garena, the company’s digital entertainment arm, also reported strong results, with bookings increasing by 23.2 percent and revenue by 28.4 percent to US$559.1 million. This resurgence was attributed to growth in both the active user base and the number of paying users, which led to an increase in average bookings per user.
Strategic Momentum and Updated Outlook
Sea’s Q2 2025 report underscores a strong strategic momentum across its diverse portfolio. According to chairman and chief executive Forrest Li, Shopee has delivered a second consecutive record-breaking quarter, with GMV growing 25 percent in the first half of the year, a trend expected to continue into Q3. The e-commerce platform has not only become a market leader in Brazil by order volume but is now also operating profitably, showcasing the success of its expansion efforts. The positive trajectory of Garena, evidenced by a 17.8 percent increase in quarterly paying users, prompted Li to raise the full-year guidance for the digital entertainment arm. He now projects Garena’s bookings to grow more than 30 percent in 2025. This comprehensive performance across its key verticals positions Sea Limited as a formidable and resilient player in the evolving global digital economy.
