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).
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.