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Singapore’s Sea Limited, Owner of “Shopee,” Reports First Net Profit

Shares of Sea Limited, the Singapore-based company that owns the popular e-commerce platform Shopee, closed 21.78 percent higher in the New York Stock Exchange on Tuesday, March 7, after the company reported its first net profit since its inception in Singapore in 2009.

Sea Limited reported a net profit of $422.8 million for the fourth quarter of 2022, which is a significant turnaround from the same period a year earlier when the company posted a loss of $616.3 million.

According to reports, the net profit was partly due to a $746 million reduction in sales and marketing expenses after management announced cost reductions during its third-quarter 2022 earnings report. Similarly, the expenses were decreased to $157 million in 4Q22.

The announcement of the net profit was met with positive market response, with shares of Sea Limited closing 21.78 percent higher at the New York Stock Exchange.

Sea Limited is a leading consumer internet company in Southeast Asia, Taiwan, and Latin America. It has a portfolio of digital services including e-commerce, gaming, digital payments, and financial services. The company’s e-commerce platform, Shopee, has been particularly successful, and it is now the most widely used e-commerce platform in the region.

The company’s success has been attributed to its aggressive expansion strategy, which has seen it establish a strong presence in multiple markets. The company has also benefited from the growing popularity of e-commerce in the region, which has been accelerated by the COVID-19 pandemic.

With the company’s first net profit in hand, Sea Limited is well-positioned to continue its growth trajectory and expand its portfolio of digital services.

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