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Sea Limited Reports Strong Growth
Sea Limited (NYSE: SE) has transformed from a loss-making entity to a profitable company, reporting a net income of $448 million for the full year 2024, a turnaround from a $1.7 billion loss in 2022. The company’s recent second-quarter earnings revealed a 38% increase in overall revenue compared to last year, attributed to strong performances across its three business segments: e-commerce, financial services, and digital entertainment.
In Q2 2024, Sea’s Shopee e-commerce business saw 34% year-over-year revenue growth, while its Monee financial services witnessed a 94% increase in loan principal balances. Additionally, bookings from the Garena digital entertainment division grew by 23%, with management predicting 30% growth for the full year. The company has also improved its cash position, now holding $10.6 billion on its balance sheet.
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