Eng

Sea Group misses on revenue but boosts full year guidance

KrASIA
更新於 2020年11月20日06:49 • 發布於 2020年11月17日21:23 • AJ Cortese

Singapore-based internet conglomerate Sea Group (NYSE:SE) recorded total GAAP revenue of USD 1.2 billion in the third quarter the company announced on Tuesday, marking a 98.7% increase year-on-year (YoY), but falling short of market expectations that predicted USD 1.4 billion in sales.

However, as Sea explained in an email to KrASIA, they actually beat revenue estimates as the company is now reporting revenue on a GAAP basis, while market expectations were for Non-GAAP revenue. Had Sea reported revenue on an adjusted basis, it would have been USD 1.66 billion, beating analyst expectations of USD 1.4 billion, according to the company.

The company’s net loss during the third quarter widened to USD 425 million from USD 206 million in the same period last year.

廣告(請繼續閱讀本文)

In the September quarter, Sea Group’s digital entertainment business increased its number of quarterly paying users by 123.6% YoY to 65.3 million, boosting the proportion of paying users to 11.4% compared to 9.1% in the same period of 2019.

The firm’s e-commerce operations benefitted from continued online shopping adoption in the region, as gross merchandise value (GMV) sold on Shopee increased by 102.7% YoY to USD 9.3 billion, while the order volume reached 741.6 million in the third quarter, compared to 321.4 from the same period a year ago.

In Indonesia, Shopee’s largest market, shoppers made 310 million orders during the third quarter, a 124% YoY increase. The platform’s livestreaming function, Shopee Live, recorded more than 48 million hours watched during the third quarter.

廣告(請繼續閱讀本文)

The company’s SeaMoney mobile wallet has also gained some traction, as 30% of gross orders placed on Shopee in October used SeaMoney for payment.

Sea Group revised its guidance for the full year of 2020 and now expects its digital entertainment business to generate at least USD 3.1 billion, up from the previously set midway point of 1.95 billion, while revenue from its e-commerce operations is now projected to be at least USD 2.3 billion, an increase from USD 1.75 billion.

(The article has been updated to correctly reflect the discrepancy in reported GAAP revenue vs Non-GAAP revenue market expectations)

廣告(請繼續閱讀本文)
查看原始文章

更多 Eng 相關文章

Sowing seeds of desertification combat among Gen-Z youngsters
XINHUA
China issues pricing guideline for brain-computer interface services
XINHUA
Xinhua News | China releases full text of government work report
XINHUA
GLOBALink | SCO youths attending training program eager to promote exchanges
XINHUA
MGX BACKS BINANCE IN LANDMARK INVESTMENT
PR Newswire (美通社)
Xinhua Photo Daily | March 12, 2025
XINHUA
Quality homes -- new vision for China's property sector amid market adjustment
XINHUA
Xinhua News | Book of Xi's discourses on improving Party conduct published
XINHUA
Thehubnews: Spiritual & Yoga Master from India, Grand Master Akshar, to Lead Taiwan in Challenging 12 World Records
PR Newswire (美通社)
Supermicro Brings Superior Performance and Efficiency to AI at the Edge
PR Newswire (美通社)
Mainland stresses legitimacy of military drills in Taiwan Strait
XINHUA
AB DAO Accelerates Global Expansion: Now AB Listed on BitMart & HTX AMA to Explore the Future of Web3
PR Newswire (美通社)
Vietnamese Party General Secretary - H.E. To Lam and Vietnam - Indonesia high-level delegation witness strategic partnership signing between TTC AgriS and Sungai Budi Group
PR Newswire (美通社)
State Grid Wuzhong Power Supply Company Initiative: Redefining the Meaning of "Tree Planting" on Arbor Day
PR Newswire (美通社)
Mega pumped storage power station starts full operation in Jiangsu, China
XINHUA
China unveils plan to boost green equipment manufacturing
XINHUA
Thehubnews: Spiritual & Yoga Master from India, Grand Master Akshar, to Lead Taiwan in Challenging 12 World Records
PR Newswire (美通社)
Enterprise AI Takes Center Stage as Over 50% of AI Use Cases Now Deliver Impact: Infosys Research
PR Newswire (美通社)