Sea Limited's Q2 net income declines 75.9% YoY despite revenue growth

In Q2, GAAP revenue rose 23.0% YoY.

Sea Limited posted a net income of US$79.9m in Q2 2024, down 75.9% YoY from the US$330.98m record in Q2 2023.

The group’s net income fell, even with a 23.0% YoY rise in GAAP revenue to US$3.8b, driven by increased expenses.

GAAP revenue for most business segments improved in Q2, led by e-commerce, with a 33.7% YoY growth to US$3.8b.

Close behind is Digital Financial Services, which saw a 21.4% YoY growth to US$519.3m.

On the other hand, Digital Entertainment reported a lower GAAP revenue of US$435.6m

With reduced net income, the group reported basic earnings per share (EPS) of US$0.14 attributable to its ordinary shareholders.

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