.August 13, 2024 12:04 PM

Sea Ltd. (NYSE:SE) reported mixed financial results for fiscal Q2/24, with a 10% surge in shares. Earnings per share were $0.14, missing the consensus of $0.17, but revenue exceeded expectations at $3.81 billion versus $3.74 billion.

The company reported strong adjusted EBITDA of $448.5 million, surpassing the expected $397.4 million. In the Digital Entertainment segment, adjusted EBITDA was $302.8 million, higher than the anticipated $270.2 million. The Digital Financial Services segment also outperformed with an adjusted EBITDA of $164.7 million, above the estimate of $156.4 million.

Sea’s Chairman and CEO, Forrest Li, highlighted strong growth and profitability across all business segments, particularly noting the success of Garena with over 20% year-on-year growth in bookings driven by Free Fire.

Looking ahead, Li mentioned Shopee is expected to achieve adjusted EBITDA profitability in Q3 and revised guidance for Shopee’s full-year GMV growth in 2024 to be in the mid-20% range.