Sea Limited reported a substantial revenue beat for the third quarter 2026, with GAAP revenue growing 43.4% year-on-year to $8.6 billion. While top-line growth across all three core segments was robust, diluted EPS of $0.78 slightly missed the $0.79 consensus. Growth was driven primarily by an acceleration in e-commerce and digital financial services, though profitability was impacted by a 64.0% increase in sales and marketing expenses and an 82.3% rise in provisions for credit losses.
Key Highlights
- Shopee GMV surged 23.3% year-on-year to $39.7 billion, significantly outperforming the analyst estimate of $26.4 billion.
- Monee (SeaMoney) revenue jumped 63.9% to $1.6 billion as consumer and SME loans principal outstanding reached $12.6 billion, up 60% year-on-year.
- Garena bookings grew 5.9% to $890.0 million, with quarterly active users stabilizing at 671.7 million and the paying user ratio improving to 10.2%.
- The board authorized an additional $1.0 billion share repurchase program following the near completion of its previous $1.0 billion authorization.