Tiger Global Management, founded in 2001 by Chase Coleman, has built its reputation on making large, strategic bets on transformative companies. Its wager on Sea Ltd SE is proving to be a significant success.
What To Know: Sea Limited is a Southeast Asian internet giant specializing in e-commerce, gaming and digital financial services. In the third quarter of 2024, Tiger Global held 16,041,335 shares valued at $1.51 billion, representing 6.5% of its portfolio, as of Sept. 30, 2024.
Sea's third-quarter 2024 financials demonstrate robust performance. Revenue rose 30.8% year-over-year to $4.33 billion, surpassing analyst estimates. EPS improved to 24 cents, up from a loss of 26 cents per share from the same quarter last year. Despite a slight miss on consensus expectations, the stock has continued to rally post-earnings.
For the uninitiated, Sea operates through three segments. Digital Entertainment saw bookings rise 24.3% year-over-year to $556.5 million, while active users grew to 628.5 million. E-commerce revenue surged 42.6% to $3.2 billion, with core marketplace revenue up 49.3%.
Shopee, its e-commerce platform, achieved positive adjusted EBITDA in Asia and Brazil. Digital Financial Services grew 38%, with SeaMoney expanding its loan book by over 70%.
Additionally, with $9.9 billion in cash as of September 2024, Sea could continue to be well-positioned for growth. Chairman Forrest Li emphasized profitability alongside expansion, projecting strong GMV growth and improved performance in gaming and e-commerce.
Price Action: Sea's stock has surged 182% to $108.36 over the past year, validating Tiger Global's strategic investment in the company.
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