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Singapore's Sea tops quarterly revenue estimates as Shopee fuels e-commerce growth
['Tue', 'August At Am Gmt', 'Min Read']
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Aug 11 (Reuters) - Singapore's Sea Ltd beat estimates for quarterly revenue on Tuesday, powered by growth at its e-commerce business led by Shopee and rising demand for its financial services.
• Shopee has grown into Southeast Asia's leading e-commerce platform through a combination of aggressive discounting, gamified shopping features and a broad logistics network.
• Sea reported revenue of $7.79 billion in the quarter ended June 30, above analysts' average estimate of $7.06 billion, according to data compiled by LSEG.
• The e-commerce unit, its largest segment, saw quarterly revenue jump 48.9% from a year earlier to $4.93 billion.
• Sea's digital financial products arm reported a 58.9% rise in revenue to $1.40 billion.