Sea Limited Achieves Strong Double-Digit Growth in 2024 with All 3 Businesses Exceeding Guidance
Sea Limited, the global technology company, has achieved a strong set of results for its 2024 fourth quarter and full year. The company delivered double-digit growth across all three businesses, exceeding its original guidance and recording positive adjusted EBITDA for each.
"This is a great milestone for us," said Forrest Li, Chairman and Chief Executive Officer of Sea Limited. "We made the right decision at the right time and executed very well on our strategies. 2024 also marked our 15th anniversary, and it's rewarding to look back and see how we've created and excelled in three separate business verticals, improving the lives of hundreds of millions of people."
The company's e-commerce business, Shopee, has celebrated its tenth year with a great set of results. GMV surpassed $100 billion, with over 10 billion orders in 2024. Shopee also became profitable in both Asia and Brazil, reinforcing its market leadership by returning to high growth with GMV growing 28% year-on-year.
The company improved its monetization significantly in 2024 through higher commission and advertising take rates. This was driven by a more rational market and increased adoption of their ad tech offerings among sellers. In the fourth quarter, ad revenue increased by more than 50% year-on-year, and ad take rate improved by more than 50 basis points compared to the same period last year.
Sea Money, the company's consumer lending business, has already become one of the largest consumer lending businesses in Southeast Asia. The loan book size exceeded $5 billion, with over 26 million active borrowers. Karina, Sea Limited's gaming platform, brings joy to over 100 million global gamers every day.
The company attributes its success to solid execution across its three operational priorities: enhancing price competitiveness, improving service quality to customers, and strengthening its content ecosystem. The end-to-end integration with logistics partners has proven to be a key differentiator of shopping service quality, with SPX Express consistently delivering industry-leading service standards for buyers and sellers.
Looking ahead, the company remains confident in its strategies and expects each business to remain profitable and self-sufficient going forward. "We are proud of achieving this milestone," said Forrest Li. "This strong set of results validates our strategies, and we believe we have made the right decisions at the right time."
