Sea's Revenue Jumps 43.4% to $8.6 Billion in Q3 as Shopee Sets Records

Sea's revenue surged 43.4% year on year to $8.6 billion in the third quarter, the Singapore-based technology company said in a statement on Tuesday, as its e-commerce arm Shopee hit record highs on both top- and bottom-line metrics.

The company's gross profit rose 51.4% year on year to $3.9 billion. Net income climbed 34% to $502.5 million. Adjusted EBITDA grew 28.9% to $931.3 million, meaning Sea generated roughly $10 million in adjusted operating cash-proxy earnings per day over the quarter.

"Our strong momentum from the first half of the year has continued into the third quarter. We are pleased with this solid performance, and will continue to focus on executing our priorities with discipline," said Forrest Li, Sea's Chairman and Chief Executive Officer.

How did Shopee perform?

Shopee drove the bulk of the growth. Its revenue jumped 41.3% year on year to $6.1 billion — about 71% of Sea's total. Gross merchandise value reached $39.7 billion for the quarter, up 23.3% year on year.

Li said Shopee delivered another strong quarter, again achieving new record highs in both top- and bottom-line metrics.

"Our strategies have proven effective at strengthening our fundamentals, giving us a growing buyer base, stronger monetization, and improving unit economics," he added.

The gap between GMV growth (23.3%) and revenue growth (41.3%) tells practitioners the story: Shopee is monetizing each dollar of transactions on its platform more aggressively than a year ago.

What about the fintech business?

Sea's digital financial services arm, which includes the Monee unit, posted the fastest growth in the group. Revenue soared 63.9% year on year to $1.6 billion. Its adjusted EBITDA came in at $298.3 million, up 15.5% year on year.

"Monee also delivered another quarter of healthy growth while staying disciplined in how we manage risk and how we invest," Li said. "We are reaching more users, deepening relationships with existing ones, and extending credit into more everyday spending scenarios, both on- and off-Shopee."

That last phrase matters for anyone tracking Southeast Asian fintech. Credit issued outside the Shopee ecosystem signals Monee is competing as a standalone lender, not just a checkout financing tool.

Did Garena keep pace?

Sea's gaming platform grew more modestly but profitably. Garena's revenue increased 28.6% year on year to $840.1 million. Its adjusted EBITDA rose 45.9% to $458.2 million — a margin above 54% on revenue, making it the group's most profitable unit relative to size.

"Garena delivered a solid third quarter, with bookings continuing to grow and profitability continuing to improve. Free Fire anchored this performance with strong bookings growth, and Arena of Valor continued its strong momentum from its 10th year anniversary celebrations," said Li.

What does this change for the market?

All three of Sea's engines — e-commerce, fintech, gaming — grew revenue and adjusted EBITDA simultaneously. That combination is rare among Southeast Asian tech peers, many of which still subsidize one profitable business with a loss-making one.

For competitors like Lazada and TikTok Shop, Shopee's improving unit economics mean price wars will get harder to win. For investors, the question shifts from whether Sea can profit at all to how long this triple-engine growth can run — and Li's pledge to keep executing "with discipline" suggests margin discipline, not land-grab expansion, is now the operating priority.