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Singapore-based Sea Limited, the owner of flagship products e-commerce app Shopee and gaming platform Garena reported deeper losses for the third quarter on a year-on-year basis, as it continues to inject funds to build up its e-commerce business.
The New York Stock Exchange-listed tech company posted a net loss of US$218.02 million for the third quarter, extending from the US$132.83 million loss a year ago.
But the group’s revenue proved to show progress, with total revenue up 117.80% to US$204.92 million, compared to US$94.09 million a year ago.
The group’s digital entertainment revenue gained 41.00% from a year ago to US$112.52 million, while its other business segments gained 546.40% year-on-year to US$92.40 million, helped by its e-commerce segment.
Turnover for the firm’s e-commerce business soared to US$65.92 million, a steep increase compared to US$2.79 million a year ago, primarily helped by growth of Shopee sellers’ use of the app’s services and product offerings such as “Services by Shopee”, and “Shopee Logistics Service”.
“Shopee posted its best ever quarterly gross merchandise value and number of orders as it extended its lead as the largest e-commerce platform in our region,” commented Sea’s Chairman and Group Chief Executive Forrest Li.
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