Sea Limited (NYSE: SE) reported third‑quarter 2025 results before the U.S. market open, delivering a strong top‑line beat but a bottom‑line miss versus consensus. Group GAAP revenue climbed 38.3% year over year to $5.99 billion, while diluted EPS came in at $0.59, below analyst expectations tracked by LSEG. Management also lifted Shopee’s full‑year 2025 GMV growth outlook to “more than 25%.” Business Wire+1
Market reaction (real‑time): As of 08:41 a.m. ET (13:41 UTC), SE was quoted around $155.05 (+~3.3% vs. prior close). Earlier, shares traded lower pre‑market immediately after the headline numbers. Price action remained volatile through the morning.
By the numbers (Q3 2025)
- Revenue:$5.99B, +38.3% YoY; gross profit $2.60B (+39.7% YoY).
- Net income:$375M (vs. $153.3M a year ago).
- Diluted EPS:$0.59; missed LSEG consensus cited by Reuters.
- Adjusted EBITDA:$874.3M (vs. $521.3M a year ago).
Operating costs: Total operating expenses rose 28% YoY to $2.12B; sales & marketing increased 31% as Sea continued to invest for growth and defend share in e‑commerce.
Segment highlights
Shopee (E‑commerce)
- GMV:$32.2B, +28.4% YoY; gross orders:3.6B, +28.4% YoY.
- GAAP revenue:$4.3B, +34.9% YoY.
- Marketplace revenue:$3.8B (includes core marketplace + logistics/VAS).
- Core marketplace revenue (fees + ads):$3.1B, +52.8% YoY.
- Adjusted EBITDA:$186.1M (vs. $34.4M last year).
- Outlook: Company now expects Shopee FY2025 GMV growth >25%.
“Monee” (Digital Financial Services)
- GAAP revenue:$989.9M, +60.8% YoY.
- Adjusted EBITDA:$258.3M, +37.5% YoY.
- Loans outstanding:$7.9B (on‑book $6.9B; off‑book $0.9B), +69.8% YoY.
- 90+ day NPL ratio:1.1%, relatively stable QoQ.
Garena (Digital Entertainment)
- Bookings:$840.7M, +51.1% YoY — best quarter since 2021, aided by Free Fire campaigns.
- GAAP revenue:$653.0M, +31.2% YoY.
- Adjusted EBITDA:$465.9M, +48.2% YoY.
- Quarterly active users:670.8M; paying users:65.9M (paying ratio 9.8% vs. 8.0% last year).
Beat on revenue, miss on profit — why it happened
Sea topped the Street on sales ($5.99B vs. ~$5.65B est.) thanks to broad‑based growth across Shopee, Garena and Monee. However, EPS of $0.59 fell short of expectations as operating expenses and credit provisions rose with the company’s push to capture demand and defend share against rivals like TikTok Shop and Alibaba’s Lazada. Reuters flagged total opex up ~28% YoY to $2.12B and a 31% rise in sales & marketing.
What changed in guidance and strategy
- Shopee outlook raised: Management now guides to FY2025 GMV growth above 25% (previously ~20%), citing record order volumes and monetization gains.
- Garena trajectory: Bookings growth puts Garena on track for >30% YoY bookings growth in 2025, supported by new IP collaborations.
- Credit expansion with stable quality:Monee’s loan book expanded to $7.9B while the 90+ day NPL ratio stayed near 1.1%, indicating disciplined underwriting as lending scales.
Street and media snapshot (today, Nov. 11, 2025)
- Press release & full financials: Sea’s Q3 report with detailed tables and commentary.
- News wires:Revenue beat / EPS miss; opex and marketing spend cited as key drivers; shares initially dipped pre‑market.
- Regional business press: Coverage highlights profit more than doubling YoY and the raised Shopee GMV outlook.
What to watch next
- Q4 holiday peak: Execution through Singles’ Day/11.11 and year‑end promotions across Southeast Asia and Brazil will be pivotal for order growth and take‑rate trends. (Management’s higher GMV guide sets a higher bar.)
- Marketing intensity vs. profitability: Investors will monitor whether elevated sales & marketing can taper while keeping growth momentum amid TikTok Shop/Lazada competition.
- Credit cycle health: With the loan book at $7.9B, sustaining a ~1.1% 90‑day NPL ratio is key to supporting DFS margins as credit scales.
Key facts (Q3 2025)
- Revenue: $5.99B | Net income: $375M | Diluted EPS: $0.59.
- Shopee GMV: $32.2B; Orders: 3.6B; E‑commerce revenue: $4.3B.
- Monee revenue: $989.9M; Loans outstanding: $7.9B; 90+ DPD NPL: 1.1%.
- Garena bookings: $840.7M; GAAP revenue: $653.0M; paying users: 65.9M.
Disclosure: This article is for informational purposes only and does not constitute investment advice. All figures are from company filings and reputable news outlets cited above.
