SEA Limited expects 2024 rebound amidst 2023 profit dip

The firm cut its 2024-25 forecasted earnings lower by 51% and 45%, respectively,

Shopee's parent company SEA Limited is anticipating growth across all its segments this year despite facing lower-than-expected profits in 2023, according to UOB Kay Hian.

The company has, however, revised its 2024-25 forecasted earnings lower by 51% and 45%, respectively, noting the impact of the 2023 underperformance on the company's financial trajectory.

SEA Limited disclosed a net profit of US$163m for 2023, falling short of 81% of the full-year estimate. The fourth quarter also saw a net loss of US$91.4m, primarily fueled by a substantial increase in e-commerce sales and marketing expenses (+132% YoY).

Amidst the setbacks, the company remains confident in its 2024 prospects, projecting growth across all segments, particularly in the e-commerce sector as competition stabilizes.

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