Sea posts 418% jump in Q2 earnings on Shopee, Monee gains

Photo credit: Sea Group

Sea reported a 418.3% increase in its Q2 2025 earnings to US$414.2 million.

Group revenue grew 38.2% to US$5.3 billion for the quarter, powered by the performance of its ecommerce platform Shopee and digital financial services arm Monee.

Revenue for ecommerce grew 33.6% to US$3.3 billion, up from US$2.5 billion in Q2 2024.

This was driven by the 28.2% year-on-year growth in gross merchandise value (GMV) to US$29.8 billion. Core marketplace revenue, drawn from transaction-based fees and advertising revenue, grew 46.2% to US$2.6 billion.

Adjusted EBITDA for Shopee stood at US$22.7 million, a reversal from the loss of US$9.2 million in Q2 2024.

Meanwhile, revenue from Monee rose 70% year on year to US$882.8 million in Q2 2025. The growth was driven primarily by the credit business from consumers and SMEs.

The principal outstanding on consumer and SME loans stood at US$6.9 billion as of June 30, up 94% year on year. Non-performing loans stood at 1% of the outstanding loans.

Adjusted EBITDA for digital financial services stood at US$255.3 million, a 55% increase from Q2 2024.

Bookings for Garena, Sea’s digital entertainment arm, grew 23.2% to US$661.3 million in Q2 2025.

Its revenue for the quarter grew 28.4% to US$559.1 million from US$435.6 million the year before. This was mainly due to the growth in the active user base and number of paying users.

Average bookings per user stood at US$0.99 for Q2 2025, rising from US$0.83 in Q2 2024.

Quarterly active users were up 2.7% year on year to 664.8 million, while quarterly paying users were up 17.8% to 61.8 million.

“Given all this, we are raising our full-year guidance for Garena and expect bookings to grow more than 30% in 2025,” said Sea CEO Forrest Li.