Tech giant Sea posted a quarterly profit for the first time as the company pledged to move towards profitability last quarter.
"First, we sharpened our focus on the areas with the greatest potential across our businesses. We exited or downsized operations in non-core markets, streamlined our game pipeline with divestments and project closures, and deprioritized non-core initiatives," the CEO said.Revenue from its gaming unit Garena slipped 32.9% to $948.8 million in the quarter, when it was $1.41 billion in the same period a year ago.
Shopee's adjusted EBITDA turned positive for the first time at $196.1 million in the fourth quarter, with improvements in revenue and operating costs. Positive EBITDA, or earnings before interest, taxes, depreciation and amortization, refers to the company operating at a profitable level. Shopee found success in Brazil after several trials and exits in European markets. Most recently, it announced that it will be expanding its presence in Malaysia, according to"Its continued dominance in many of its matured markets should also allow the company to continue increasing its take rate even as GMV and total orders slow," said Woo.
SeaMoney is making great strides in improving its product offerings, as well as the quality of its loan book, which are both good signs for a business still in its infancy, said Woo.CEO Li said that Sea's mobile wallet has lowered transaction costs for Shopee users, adding that Shopee's large user base, in turn, has allowed the mobile wallet and lending business to grow their user bases.
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