Sea Ltd. Raises E-commerce Forecast Amid Strong Revenue Growth

The Southeast Asian tech giant reports better-than-expected second-quarter results despite rising competition and costs.

Sea Ltd. projects Shopee's gross merchandise volume to grow in the mid-20% range for 2024, up from earlier forecasts.
Second-quarter revenue rose 23% to $3.81 billion, surpassing analysts' expectations.
E-commerce revenue grew 34% to $2.8 billion, driven by increased online shopping.
Despite higher revenues, net profit fell to $79.9 million due to rising operating expenses.
Sea's gaming and financial services segments also posted strong growth, contributing to overall performance.