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SEA Group has profitable Q2; revenue rises to $1.29 billion.

Shopee continues rising.


SEA Group has profitable Q2; revenue rises to $1.29 billion. | BEAMSTART News

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SEA Group, the parent company of e-commerce platform, Shopee, and gaming publisher, Garena, has had a significant growth this second quarter.

In a statement by the company, revenues for Q2 2020 rose to US$1.29 billion, nearly doubling from the previous year's (93.4% year-on-year growth).

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The company also had a profitable quarter, at $7.7 million EBITDA. The company had a $11 million loss during the same period last year.

Sea Ltd.'s management: (from left) Forrest Li, Chairman and Group CEO, Gang Ye, Group Chief Operating Officer and David Chen, Chief Product Officer, Shopee. (Source: SEA Ltd.)

The SouthEast Asian internet giant adds that much of its growth were attributed to the pandemic lock-downs, where online shopping and gaming rose significantly during this period.

The company has also expanded upon its financial services business, SeaMoney, with payment volumes for the company’s e-wallet exceeded US$1.6 billion across 15 million paying users for the quarter. 

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ABOUT THE AUTHOR

Alfred Lee

Journalist at BEAMSTART. I write about breaking business news in the region.

Based in Malaysia

Works at BEAMSTART

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Shopee

Shopee is the leading eCommerce platform in Greater Southeast Asia.

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