Sea’s Earnings Rebound Is Real, but the Cost Fight Is Not Over
Sea Limited’s U.S.-listed ADRs rose 13% in pre-market trading after first-quarter revenue reached $7.1 billion, beating estimates by over $600 million, though earnings per share missed by 10 cents. Shopee posted record GMV and orders, but its adjusted EBITDA fell as costs climbed. Garena had its strongest quarter since 2021. Monee’s revenue and loan book grew while credit quality held steady.