Sea Limited posts US$23m net loss despite revenue growth

Revenue for the period was 22.8% higher year-on-year.

Despite an increase in revenue, Sea Limited recorded a net loss of US$23m in 1Q24, a downturn from the net income of US$87.3m reported in 1Q23.

The NYSE-listed Singaporean company posted a revenue of US$3.7b in 1Q24, a 22.8% increase from 1Q23.

Across its business segments, only Digital Entertainment posted a decline in revenue. Its E-commerce and Other Services and Sales of Goods segments recorded a 30.6% YoY and 34.9% YoY increase in revenue, respectively.

Meanwhile, the company also reported a lower total adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) of US$401.1m. 

Given the net loss recorded for the period, the company posted a basic loss per share attributable to shareholders of US$0.04.