Shopee, Monee power Sea Q2 earnings; shares soar 18.9% on NYSE

Its counter is up 64.1% in the year to date and has quadrupled since its low of US$34.82 at the start of 2024

Sea Limited shares on the New York Stock Exchange (NYSE) soared as investors reacted positively to its surge in second-quarter earnings.

The counter rose above US$30 at 11.22 am New York time on Tuesday (Aug 12), before closing 18.9 per cent or US$27.89 higher at US$174.12.

Its shares are up 64.1 per cent in the year to date and have quadrupled since its low of US$34.82 at the start of 2024.

The company reported a 418.3 per cent increase in its second-quarter earnings to US$414.2 million, from US$79.9 million in the year-ago period.

This was driven by 38.2 per cent revenue growth to US$5.3 billion for the quarter, largely due to the performance of Sea’s e-commerce arm Shopee and digital financial services arm Monee.

Shopee is the largest e-commerce platform in South-east Asia, with operations also in Latin America.

Revenue for Shopee grew 33.6 per cent, while Monee sales rose 70 per cent in Q2 to US$882.8 million and bookings at gaming division Garena rose 23.2 per cent.

Sea chief executive Forrest Li said in a statement that the company will continue to prioritise growth to maximise its long-term profitability.

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