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Sea announces revenue surge, raises guidance but retains a net loss in 2Q2021

The Edge Singapore
The Edge Singapore 8/17/2021 7:5 PM GMT+08  • 2 min read
Sea announces revenue surge, raises guidance but retains a net loss in 2Q2021
Sea, which owns Garena and Shopee, reported a revenue surge in 2Q2021, but retained a net loss of US$393.5 million
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Sea, which owns Garena and Shopee, reported a 158.6% y-o-y surge in GAAP (generally accepted accounting principles) revenue to US$2.3 billion, and gross profit of US$930.9 million, up 363.5% y-o-y in 2Q2021, for the three months to June 30. All in, Sea made a net loss of US$433.7 million in 2Q2021, up from a loss of US$393.5 million in the same period last year, as sales and marketing expenses, general and administrative expenses, and research and development expenses surged as well.

See also: Broker's Digest: IHH Healthcare, Sunpower, Genting Singapore, Boustead Singapore, Sea, Raffles Medical, Japan Food

Garena’s adjusted Ebitda in 2Q2021 was US$740.9 million, up 69.8% y-o-y, on a revenue of US$1 billion, up 166.8% y-o-y. Quarterly active users reached 725.2million, an increase of 45.1% y-o-y. Quarterly paying users grew by 84.8% y-o-y to 92.2million.

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