Sea Limited Reports Fourth Quarter and Full Year 2024 Results
SINGAPORE–(BUSINESS WIRE)–Sea Limited (NYSE: SE) (“Sea” or the “Company”) today announced its financial results for the fourth quarter and full year ended December 31, 2024.
“We delivered a great 2024 with all three businesses going back to strong, double-digit growth, exceeding our original guidance. It was also our second consecutive year of annual positive profit, with all three of our businesses recording positive adjusted EBITDA,” said Forrest Li, Sea’s Chairman and Chief Executive Officer.
On e-commerce, he said, “GMV grew 28% year-on-year to surpass US$100 billion, and we achieved adjusted EBITDA profitability in both Asia and Brazil. We remain confident about our ability to continue delivering profitable growth in 2025 and expect Shopee’s full year 2025 GMV growth to be around 20%, with improving profitability.”
Regarding digital financial services, Mr. Li shared, “We delivered exceptional loan book growth of more than 60% year-on-year in the fourth quarter, surpassing US$5 billion as of the end of 2024, making us one of the largest consumer lending businesses in Southeast Asia. While we have scaled fast, risk management remains to be our top operational priority. In 2025, we expect loan book size to grow meaningfully faster than Shopee’s GMV annual growth rate, as we improve credit penetration both on- and off-Shopee.”
On digital entertainment, Mr. Li said, “2024 was a great year for Garena, marking Free Fire’s remarkable comeback with annual bookings growing at 34% year-on-year. Looking ahead into 2025, we will continue scaling our user base and broadening our content offerings. We now expect Garena to grow double digit year-on-year, for both user base and bookings in 2025.”
Fourth Quarter 2024 Highlights
-
Group
- Total GAAP revenue was US$5.0 billion, up 36.9% year-on-year.
- Total gross profit was US$2.2 billion, up 44.6% year-on-year.
- Total net income was US$237.6 million, as compared to total net loss of US$(111.6) million for the fourth quarter of 2023.
- Total adjusted EBITDA1 was US$590.9 million, as compared to US$126.7 million for the fourth quarter of 2023.
- As of December 31, 2024, cash, cash equivalents, short-term investments, and other treasury investments2 were US$10.4 billion, representing a net increase of US$478.6 million from September 30, 2024.
-
E-commerce
- Gross orders totaled 3.0 billion for the quarter, increasing by 20.1% year-on-year.
- GMV was US$28.6 billion for the quarter, increasing by 23.5% year-on-year.
- GAAP revenue was US$3.7 billion, up 41.3% year-on-year.
-
GAAP revenue included US$3.2 billion of GAAP marketplace revenue, which consists of core marketplace revenue and value-added services revenue and increased by 41.4% year-on-year.
- Core marketplace revenue, mainly consisting of transaction-based fees and advertising revenues, was up 49.8% year-on-year to US$2.4 billion.
- Value-added services revenue, mainly consisting of revenues related to logistics services, was up 20.8% year-on-year to US$794.8 million.
-
Adjusted EBITDA1 was US$152.2 million, as compared to US$(225.3) million for the fourth quarter of 2023.
- Both Asia and Other markets recorded positive adjusted EBITDA for the fourth quarter of 2024.
-
Digital Financial Services
- GAAP revenue was US$733.3 million, up 55.2% year-on-year.
- Adjusted EBITDA1 was US$211.0 million, up 42.1% year-on-year.
- Digital financial services revenue and operating income are primarily attributed to the consumer and SME credit business. As of December 31, 2024, consumer and SME loans principal outstanding was US$5.1 billion, up 63.9% year-on-year. This consists of US$4.2 billion on-book and US$0.9 billion off-book loans principal outstanding3.
- Non-performing loans past due by more than 90 days as a percentage of consumer and SME loans principal outstanding, which includes both on-book and off-book loans principal outstanding3, was 1.2%, stable quarter-on-quarter.
-
Digital Entertainment
- Bookings4 were US$543.2 million, up 19.0% year-on-year.
- GAAP revenue was US$519.1 million, as compared to US$510.8 million for the fourth quarter of 2023.
- Adjusted EBITDA1 was US$289.7 million, up 33.3% year-on-year.
- Adjusted EBITDA represented 53.3% of bookings for the fourth quarter of 2024, as compared to 47.6% for the fourth quarter of 2023.
- Quarterly active users were 618.0 million, up 16.9% year-on-year.
- Quarterly paying users were 50.4 million, up 27.2% year-on-year. Paying user ratio was 8.2%, as compared to 7.5% for the fourth quarter of 2023.
- Average bookings per user were US$0.88, as compared to US$0.86 for the fourth quarter of 2023.
Full Year 2024 Highlights
-
Group
- Total GAAP revenue was US$16.8 billion, up 28.8% year-on-year.
- Total gross profit was US$7.2 billion, up 23.5% year-on-year.
- Total net income was US$447.8 million, as compared to total net income of US$162.7 million for the full year of 2023.
- Total adjusted EBITDA1 was US$2.0 billion, as compared to US$1.2 billion for the full year of 2023.
-
E-commerce
- Gross orders totaled 10.9 billion, up 33.0% year-on-year.
- GMV was US$100.5 billion, up 28.0% year-on-year.
- GAAP revenue was US$12.4 billion, up 37.9% year-on-year.
- GAAP revenue included US$10.9 billion of GAAP marketplace revenue, up 37.8% year-on-year.
- Adjusted EBITDA1 was US$155.8 million, as compared to US$(213.8) million for the full year of 2023.
-
Digital Financial Services
- GAAP revenue was US$2.4 billion, up 34.6% year-on-year.
- Adjusted EBITDA1 was US$712.2 million, up 29.5% year-on-year.
-
Digital Entertainment
- Bookings4 were US$2.1 billion, up 18.7% year-on-year.
- GAAP revenue was US$1.9 billion, as compared to US$2.2 billion for the full year of 2023.
- Adjusted EBITDA1 was US$1.2 billion, up 30.2% year-on-year.
- Adjusted EBITDA represented 55.8% of bookings for the full year of 2024, as compared to 50.9% for the full year of 2023.
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1 For a discussion of the use of non-GAAP financial measures, see “Non-GAAP Financial Measures”. |
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2 Other treasury investments currently consist of group treasury related investments, such as available-for-sale sovereign bonds and corporate bonds, classified as part of long-term investments and securities purchased under agreements to resell relating to our banking operations. |
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3 Off-book loans principal outstanding mainly refers to channeling arrangements, which is lending by other financial institutions on our platform. |
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4 GAAP revenue for the digital entertainment segment plus change in digital entertainment deferred revenue. This operating metric is used as an approximation of cash spent by our users in the applicable period that is attributable to our digital entertainment segment. |
Unaudited Summary of Financial Results
(Amounts are expressed in thousands of US dollars “$” except for per share data)
|
|
For the Three Months |
|
For the Full Year |
|
||||||||||||||
|
|
2023 |
2024 |
|
2023 |
2024 |
|
||||||||||||
|
|
$ |
$ |
YOY% |
$ |
$ |
YOY% |
||||||||||||
|
Revenue |
|
|
|
|
|
|
||||||||||||
|
Service revenue |
|
|
|
|
|
|
||||||||||||
|
Digital Entertainment |
510,773 |
|
519,064 |
|
1.6 |
% |
2,172,009 |
|
1,910,589 |
|
(12.0 |
%) |
||||||
|
E-commerce and other services |
2,771,267 |
|
3,959,575 |
|
42.9 |
% |
9,770,376 |
|
13,350,674 |
|
36.6 |
% |
||||||
|
Sales of goods |
334,588 |
|
471,797 |
|
41.0 |
% |
1,121,175 |
|
1,558,603 |
|
39.0 |
% |
||||||
|
|
3,616,628 |
|
4,950,436 |
|
36.9 |
% |
13,063,560 |
|
16,819,866 |
|
28.8 |
% |
||||||
|
|
|
|
|
|
|
|
||||||||||||
|
Cost of revenue |
|
|
|
|
|
|
||||||||||||
|
Cost of service |
|
|
|
|
|
|
||||||||||||
|
Digital Entertainment |
(161,360 |
) |
(159,065 |
) |
(1.4 |
%) |
(672,481 |
) |
(610,586 |
) |
(9.2 |
%) |
||||||
|
E-commerce and other services |
(1,621,218 |
) |
(2,146,644 |
) |
32.4 |
% |
(5,530,043 |
) |
(7,553,801 |
) |
36.6 |
% |
||||||
|
Cost of goods sold |
(309,263 |
) |
(439,267 |
) |
42.0 |
% |
(1,027,389 |
) |
(1,450,391 |
) |
41.2 |
% |
||||||
|
|
(2,091,841 |
) |
(2,744,976 |
) |
31.2 |
% |
(7,229,913 |
) |
(9,614,778 |
) |
33.0 |
% |
||||||
|
Gross profit |
1,524,787 |
|
2,205,460 |
|
44.6 |
% |
5,833,647 |
|
7,205,088 |
|
23.5 |
% |
||||||
|
Other operating income |
58,524 |
|
53,256 |
|
(9.0 |
%) |
221,021 |
|
180,443 |
|
(18.4 |
%) |
||||||
|
Sales and marketing expenses |
(967,433 |
) |
(1,049,726 |
) |
8.5 |
% |
(2,779,223 |
) |
(3,472,686 |
) |
25.0 |
% |
||||||
|
General and administrative expenses |
(232,603 |
) |
(366,259 |
) |
57.5 |
% |
(1,134,724 |
) |
(1,267,706 |
) |
11.7 |
% |
||||||
|
Provision for credit losses |
(159,988 |
) |
(235,764 |
) |
47.4 |
% |
(633,942 |
) |
(776,937 |
) |
22.6 |
% |
||||||
|
Research and development expenses |
(279,806 |
) |
(301,216 |
) |
7.7 |
% |
(1,164,126 |
) |
(1,206,050 |
) |
3.6 |
% |
||||||
|
Impairment of goodwill |
– |
|
– |
|
– |
|
(117,875 |
) |
– |
|
– |
|
||||||
|
Total operating expenses |
(1,581,306 |
) |
(1,899,709 |
) |
20.1 |
% |
(5,608,869 |
) |
(6,542,936 |
) |
16.7 |
% |
||||||
|
Operating (loss) income |
(56,519 |
) |
305,751 |
|
(641.0 |
%) |
224,778 |
|
662,152 |
|
194.6 |
% |
||||||
|
Non-operating income, net |
31,654 |
|
28,222 |
|
(10.8 |
%) |
207,616 |
|
116,631 |
|
(43.8 |
%) |
||||||
|
Income tax expense |
(76,894 |
) |
(89,198 |
) |
16.0 |
% |
(262,680 |
) |
(321,168 |
) |
22.3 |
% |
||||||
|
Share of results of equity investees |
(9,856 |
) |
(7,183 |
) |
(27.1 |
%) |
(7,032 |
) |
(9,788 |
) |
39.2 |
% |
||||||
|
Net (loss) income |
(111,615 |
) |
237,592 |
|
(312.9 |
%) |
162,682 |
|
447,827 |
|
175.3 |
% |
||||||
|
|
|
|
|
|
|
|
||||||||||||
|
(Loss) Earnings per share attributable to |
||||||||||||||||||
|
Basic |
(0.19 |
) |
0.41 |
|
(315.8 |
%) |
0.27 |
|
0.77 |
|
185.2 |
% |
||||||
|
Diluted |
(0.19 |
) |
0.39 |
|
(305.3 |
%) |
0.25 |
|
0.74 |
|
196.0 |
% |
||||||
|
|
|
|
|
|
|
|
||||||||||||
|
Change in deferred revenue of |
(54,459 |
) |
24,120 |
|
(144.3 |
%) |
(362,397 |
) |
238,077 |
|
(165.7 |
%) |
||||||
|
|
|
|
|
|
|
|
||||||||||||
|
Adjusted EBITDA for Digital |
217,411 |
|
289,730 |
|
33.3 |
% |
920,923 |
|
1,199,166 |
|
30.2 |
% |
||||||
|
Adjusted EBITDA for E-commerce (1) |
(225,332 |
) |
152,209 |
|
(167.5 |
%) |
(213,774 |
) |
155,775 |
|
(172.9 |
%) |
||||||
|
Adjusted EBITDA for Digital |
148,482 |
|
210,979 |
|
42.1 |
% |
550,112 |
|
712,242 |
|
29.5 |
% |
||||||
|
Adjusted EBITDA for Other Services (1) |
(6,979 |
) |
(5,121 |
) |
(26.6 |
%) |
(44,880 |
) |
(30,305 |
) |
(32.5 |
%) |
||||||
|
Unallocated expenses (2) |
(6,877 |
) |
(56,876 |
) |
727.0 |
% |
(33,199 |
) |
(74,998 |
) |
125.9 |
% |
||||||
|
Total adjusted EBITDA (1) |
126,705 |
|
590,921 |
|
366.4 |
% |
1,179,182 |
|
1,961,880 |
|
66.4 |
% |
||||||
|
(1) For a discussion of the use of non-GAAP financial measures, see “Non-GAAP Financial Measures”. |
|
(2) Unallocated expenses within total adjusted EBITDA are mainly related to general and corporate administrative costs such as professional fees and other miscellaneous items that are not allocated to segments. These expenses are excluded from segment results as they are not reviewed by the Chief Operating Decision Maker (“CODM”) as part of segment performance. |
Three Months Ended December 31, 2024 Compared to Three Months Ended December 31, 2023
Revenue
Our total GAAP revenue increased by 36.9% to US$5.0 billion in the fourth quarter of 2024 from US$3.6 billion in the fourth quarter of 2023.
- Digital Entertainment: GAAP revenue was US$519.1 million in the fourth quarter of 2024 compared to US$510.8 million in the fourth quarter of 2023.
- E-commerce and other services: GAAP revenue increased by 42.9% to US$4.0 billion in the fourth quarter of 2024 from US$2.8 billion in the fourth quarter of 2023, primarily driven by the GMV growth of our e-commerce business and the growth of our credit business.
- Sales of goods: GAAP revenue increased by 41.0% to US$471.8 million in the fourth quarter of 2024 from US$334.6 million in the fourth quarter of 2023.
Cost of Revenue
Our total cost of revenue was US$2.7 billion in the fourth quarter of 2024, as compared to US$2.1 billion in the fourth quarter of 2023.
- Digital Entertainment: Cost of revenue was US$159.1 million in the fourth quarter of 2024, as compared to US$161.4 million in the fourth quarter of 2023, relatively flat year-on-year.
- E-commerce and other services: Cost of revenue for our e-commerce and other services segment combined was US$2.1 billion in the fourth quarter of 2024, as compared to US$1.6 billion in the fourth quarter of 2023, primarily driven by an increase in logistics costs as orders volume grew.
- Cost of goods sold: Cost of goods sold increased by 42.0% to US$439.3 million in the fourth quarter of 2024 from US$309.3 million in the fourth quarter of 2023.
Other Operating Income
Our other operating income was US$53.3 million and US$58.5 million in the fourth quarter of 2024 and 2023, respectively. Other operating income mainly consists of rebates from e-commerce related logistics services providers.
Sales and Marketing Expenses
Our total sales and marketing expenses increased by 8.5% to US$1.0 billion in the fourth quarter of 2024 from US$967.4 million in the fourth quarter of 2023. The table below sets forth breakdown of the sales and marketing expenses of our major reporting segments. Amounts are expressed in thousands of US dollars (“$”).
|
|
For the Three Months |
|
|||||
|
|
2023 |
|
2024 |
YOY% |
|||
|
Sales and Marketing Expenses |
$ |
|
$ |
|
|||
|
E-commerce |
878,985 |
|
853,919 |
(2.9 |
%) |
||
|
Digital Financial Services |
51,927 |
|
121,036 |
133.1 |
% |
||
|
Digital Entertainment |
29,926 |
|
44,528 |
48.8 |
% |
||
General and Administrative Expenses
Our general and administrative expenses increased by 57.5% to US$366.3 million in the fourth quarter of 2024 from US$232.6 million in the fourth quarter of 2023, including one-time expenses related to the settlement of two securities class actions.
Provision for Credit Losses
Our provision for credit losses increased by 47.4% to US$235.8 million in the fourth quarter of 2024 from US$160.0 million in the fourth quarter of 2023.
Research and Development Expenses
Our research and development expenses increased by 7.7% to US$301.2 million in the fourth quarter of 2024 from US$279.8 million in the fourth quarter of 2023.
Non-operating Income or Losses, Net
Non-operating income or losses mainly consist of interest income, interest expense, investment gain (loss), foreign exchange gain (loss) and gain (loss) on debt extinguishment. We recorded a net non-operating income of US$28.2 million in the fourth quarter of 2024, as compared to a net non-operating income of US$31.7 million in the fourth quarter of 2023. The non-operating income in the fourth quarter of 2024 was primarily due to interest income of US$94.0 million, partially offset by investment losses of US$60.7 million recognized.
Income Tax Expense
We had a net income tax expense of US$89.2 million and US$76.9 million in the fourth quarter of 2024 and 2023, respectively.
Net Income or Loss
As a result of the foregoing, we had net income of US$237.6 million in the fourth quarter of 2024, as compared to net loss of US$(111.6) million in the fourth quarter of 2023.
Basic and Diluted Earnings or Loss Per Share Attributable to Sea Limited’s Ordinary Shareholders
Basic earnings per share attributable to Sea Limited’s ordinary shareholders was US$0.41 in the fourth quarter of 2024, compared to basic loss per share attributable to Sea Limited’s ordinary shareholders of US$(0.19) in the fourth quarter of 2023.
Diluted earnings per share attributable to Sea Limited’s ordinary shareholders was US$0.39 in the fourth quarter of 2024, compared to diluted loss per share attributable to Sea Limited’s ordinary shareholders of US$(0.19) in the fourth quarter of 2023.
Full Year Ended December 31, 2024 Compared to Full Year Ended December 31, 2023
Revenue
Our total GAAP revenue increased by 28.8% to US$16.8 billion for the full year ended December 31, 2024 from US$13.1 billion for the full year ended December 31, 2023.
- Digital Entertainment: GAAP revenue was US$1.9 billion for the full year ended December 31, 2024 from US$2.2 billion for the full year ended December 31, 2023. Despite the increase in bookings, the decrease in GAAP revenue was primarily driven by higher bookings in 2022 compared to 2023. The stronger bookings in 2022 resulted in more revenue being deferred and subsequently recognized in 2023.
- E-commerce and other services: GAAP revenue increased by 36.6% to US$13.4 billion for the full year ended December 31, 2024 from US$9.8 billion for the full year ended December 31, 2023, primarily driven by the GMV growth of our e-commerce business and the growth of our credit business.
- Sales of goods: GAAP revenue increased by 39.0% to US$1.6 billion for the full year ended December 31, 2024 from US$1.1 billion for the full year ended December 31, 2023.
Cost of Revenue
Our total cost of revenue was US$9.6 billion for the full year ended December 31, 2024, as compared to US$7.2 billion for the full year ended December 31, 2023.
- Digital Entertainment: Cost of revenue decreased by 9.2% to US$610.6 million for the full year ended December 31, 2024 from US$672.5 million for the full year ended December 31, 2023.
- E-commerce and other services: Cost of revenue for our e-commerce and other services segment combined increased by 36.6% to US$7.6 billion for the full year ended December 31, 2024 from US$5.5 billion for the full year ended December 31, 2023, primarily driven by an increase in logistics costs as orders volume grew.
- Cost of goods sold: Cost of goods sold increased by 41.2% to US$1.5 billion for the full year ended December 31, 2024 from US$1.0 billion for the full year ended December 31, 2023.
Other Operating Income
Our other operating income was US$180.4 million for the full year ended December 31, 2024 from US$221.0 million for the full year ended December 31, 2023. Other operating income mainly consists of rebates from e-commerce related logistics services providers.
Sales and Marketing Expenses
Our total sales and marketing expenses increased by 25.0% to US$3.5 billion for the full year ended December 31, 2024 from US$2.8 billion for the full year ended December 31, 2023. The table below sets forth the breakdown of the sales and marketing expenses of our major reporting segments. Amounts are expressed in thousands of US dollars (“$”).
|
|
For the Full Year |
|
|||||
|
|
2023 |
|
2024 |
YOY% |
|||
|
Sales and Marketing Expenses |
$ |
|
$ |
|
|||
|
E-commerce |
2,510,693 |
|
2,966,084 |
18.1 |
% |
||
|
Digital Financial Services |
116,445 |
|
298,386 |
156.2 |
% |
||
|
Digital Entertainment |
104,721 |
|
117,556 |
12.3 |
% |
||
General and Administrative Expenses
Our general and administrative expenses increased by 11.7% to US$1.3 billion for the full year ended December 31, 2024 from US$1.1 billion for the full year ended December 31, 2023.
Provision for Credit Losses
Our provision for credit losses increased by 22.6% to US$776.9 million for the full year ended December 31, 2024 from US$633.9 million for the full year ended December 31, 2023.
Research and Development Expenses
Our research and development expenses were US$1.2 billion for the full year ended December 31, 2024, flat year-on-year.
Impairment of Goodwill
We recorded nil impairment of goodwill for the full year ended December 31, 2024, compared to US$117.9 million for the full year ended December 31, 2023.
Non-operating Income or Losses, Net
Non-operating income or losses mainly consist of interest income, interest expense, investment gain (loss), and foreign exchange gain (loss), and gain (loss) on debt extinguishment. We recorded a net non-operating income of US$116.6 million for the full year ended December 31, 2024, as compared to a net non-operating income of US$207.6 million for the full year ended December 31, 2023.
Income Tax Expense
We had a net income tax expense of US$321.2 million and US$262.7 million for the full year ended December 31, 2024 and 2023, respectively.
Net Income or Loss
As a result of the foregoing, we had net income of US$447.8 million for the full year ended December 31, 2024, as compared to net income of US$162.7 million for the full year ended December 31, 2023.
Basic and Diluted Earnings Per Share Attributable to Sea Limited’s Ordinary Shareholders
Basic earnings per share attributable to Sea Limited’s ordinary shareholders was US$0.77 for the full year ended December 31, 2024, as compared to basic earnings per share attributable to Sea Limited’s ordinary shareholders of US$0.27 for the full year ended December 31, 2023.
Diluted earnings per share attributable to Sea Limited’s ordinary shareholders was US$0.74 for the full year ended December 31, 2024, as compared to diluted loss per share attributable to Sea Limited’s ordinary shareholders of US$0.25 for the full year ended December 31, 2023.
Webcast and Conference Call Information
The Company’s management will host a conference call today to review Sea’s business and financial performance.
Details of the conference call and webcast are as follows:
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Date and time: |
7:30 AM U.S. Eastern Time on March 4, 2025 |
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8:30 PM Singapore / Hong Kong Time on March 4, 2025 |
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Webcast link: |
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A replay of the conference call will be available at the Company’s investor relations website (www.sea.com/investor/home). An archived webcast will be available at the same link above.
About Sea Limited
Sea Limited (NYSE: SE) is a leading global consumer internet company founded in Singapore in 2009. Its mission is to better the lives of consumers and small businesses with technology. Sea operates three core businesses across digital entertainment, e-commerce, as well as digital financial services, known as Garena, Shopee and SeaMoney, respectively. Garena is a leading global online games developer and publisher. Shopee is the largest pan-regional e-commerce platform in Southeast Asia and Taiwan and has a significant presence in Latin America. SeaMoney is a leading digital financial services provider in Southeast Asia and is growing its presence in Brazil.
Forward-Looking Statements
This announcement contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “may,” “could,” “will,” “expect,” “anticipate,” “aim,” “future,” “intend,” “plan,” “believe,” “estimate,” “likely to,” “potential,” “confident,” “guidance,” and similar statements. Among other things, statements that are not historical facts, including statements about Sea’s beliefs and expectations, the business, financial and market outlook, and projections from its management in this announcement, as well as Sea’s strategic and operational plans, contain forward-looking statements. Sea may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (the “SEC”), in its annual report to shareholders, in press releases, and other written materials, and in oral statements made by its officers, directors, or employees to third parties. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: Sea’s goals and strategies; its future business development, financial condition, financial results, and results of operations; the expected growth in, and market size of, the digital entertainment, e-commerce and digital financial services industries in the markets where it operates, including segments within those industries; expected changes or guidance in its revenue, costs or expenditures; its ability to continue to source, develop and offer new and attractive online games and to offer other engaging digital entertainment content; the expected growth of its digital entertainment, e-commerce and digital financial services businesses; its expectations regarding growth in its user base, level of engagement, and monetization; its ability to continue to develop new technologies and/or upgrade its existing technologies; growth and trends of its markets and competition in its industries; government policies and regulations relating to its industries, including the effects of any government orders or actions on its businesses; general economic, political, social and business conditions in its markets; and the impact of widespread health developments. Further information regarding these and other risks is included in Sea’s filings with the SEC. All information provided in this press release and in the attachments is as of the date of this press release, and Sea undertakes no obligation to update any forward-looking statement, except as required under applicable law.
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Contacts
For enquiries, please contact:
Investors / analysts: ir@sea.com
Media: media@sea.com
