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.
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.