Sea Limited bounces back from losses with $449.6m Q2 net income 

This is compared to a net loss of $1.2b US$931.2m for the second quarter of 2022.

Global consumer internet firm, Sea Limited, said it posted $449.6m (US$331m) net income in Q2 2023, compared to the net loss in the same period last year.

The firm, which owns Shopee, posted a total adjusted EBITDA of $692m (US$510m), compared to a loss of $687m (US$506.3m) for Q2 2022.

Its total GAAP revenue was at $4.2b (US3.1b), 5.2% higher YoY and total gross profit at $2.037b (US$1.5b).

Sea Chairman and Group CEO Forrest Li said they found recent ecosystem developments in the growth of diversified user engagement through live streaming, short-form videos, and affiliate programs. 

“Such developments offer us further opportunities to grow and expand our long-term profitable addressable market. Given these positive developments and trends, we have started and will continue, to ramp up our investments in growing the e-commerce business across our markets,” said Li.

$1 = US$0.74