Regional internet giant Sea Group announced that it has more than doubled its total GAAP revenue in the first quarter of 2021 to US$1.8 billion, up from US$714.9 million in the previous corresponding period.
Photo credit: Sea
As a result, Sea’s adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) for Q1 climbed to US$88.1 million, a significant turnaround from a loss of US$69.9 million a year ago.
The jump was mainly driven by an increase in the active user base of Sea’s digital entertainment segment as well as a “deepened paying user penetration” for its Free Fire game.
The company’s digital entertainment unit grew its GAAP revenue by 111.4% to US$781.3 million in the first quarter of this year, up from US$369.7 million in 2020. Meanwhile, its ecommerce GAAP revenue almost tripled to hit the US$772.4 million mark in Q1.
Sea Group said the total payment volume in its mobile wallet segment tripled from 2020 to hit US$3.4 billion in Q1 this year. Its quarterly paying users for mobile wallet services also surpassed 26.1 million during the same period.
Editing by Terence Lee and Eileen C. Ang
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