- Consumer internet company Sea Limited SE reported fourth-quarter FY22 revenue growth of 7.1% year-on-year to $3.45 billion, beating the consensus of $3.06 billion.
- Digital Entertainment revenue decreased 32.9% Y/Y to $948.86 million. The bookings declined 18% Q/Q to $543.6 million. The segment-adjusted EBITDA was $258.2 million, compared to $289.9 million in the prior quarter.
- The segment's quarterly active users were 485.5 million, compared to 568.2 million a quarter ago. Average bookings per user were stable at $1.1 compared to $1.2 for the previous quarter.
- Also Read: Sea's Top Management Opts For Spending Cuts To Beat Economic Blues
- E-commerce and other services revenue increased 50.5% Y/Y to $2.23 billion. Core marketplace revenue grew 53.9% Y/Y. Gross orders decreased 15% Y/Y. Gross merchandise value declined 1.1% Y/Y.
- Digital Financial Services revenue grew 92.5% Y/Y to $380.2 million.
- EPS of $0.72 beat the consensus loss of $(0.79). Sea Ltd held $6.9 billion in cash and equivalents.
- "We are starting 2023 on a much stronger footing," said Forrest Li, Sea's Chairman and Group Chief Executive Officer. "Our decisive pivot to focus on efficiency and profitability since late last year is already driving meaningful bottom line improvements."
- "While there may be near-term fluctuations in our performance, we remain highly confident in the long-term growth potential of our markets and fully focused on capturing this opportunity."
- Price Action: SE shares traded higher by 7.73% at $70.79 in the premarket session on the last check Tuesday.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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