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Investing.com -- Sea Limited reported first-quarter earnings that missed expectations on Thursday.
The company’s shares have risen 5.2% premarket.
The Singapore-based tech conglomerate saw strong growth across its e-commerce, digital financial services, and gaming businesses.
Sea posted adjusted earnings per share of $0.65 for Q1, missing analyst estimates of $0.79. Revenue rose 29.6% YoY to $4.84 billion, slightly below the consensus forecast of $5.02 billion.
The company’s e-commerce arm Shopee delivered record gross merchandise value (GMV) of $28.6 billion, up 21.5% YoY. Digital financial services revenue surged 57.6% to $787.1 million, while the digital entertainment segment saw bookings jump 51.4% to $775.4 million.
"We have delivered another great quarter of strong growth with improving profitability across all three businesses," said Forrest Li, Sea’s Chairman and CEO. "Our strong start to the year gives us more confidence of achieving our full-year guidance."
Sea’s adjusted EBITDA more than doubled to $946.5 million from $401.1 million a year ago. The company turned a net profit of $410.8 million, compared to a net loss of $23 million in Q1 2024.
Looking ahead, management expressed optimism about sustaining growth and profitability across its core segments.