• Reported GAAP EPS of $0.70 up 2.94% YoY • Reported revenue of $7.1B up 46.61% YoY • Sea is on track to grow Shopee's annual GMV by around 25% year-on-year in 2026, with full year adjusted EBITDA expected to be no lower than 2025 in absolute dollar terms.
Bullish
Sea Limited achieved strong 46.6% revenue growth, driven by Shopee's record GMV and Monee's 57.8% revenue increase, while Garena posted its best quarter since 2021 and AI integration boosts efficiency.
Bearish
Sea Limited faced increased credit loss provisions and a 15.6% decline in Shopee's Adjusted EBITDA, alongside an 8.1% decrease in Shopee's value-added services revenue due to shipping subsidies.