Core Viewpoint - Sea's Q3 performance shows a mix of strong growth and declining profitability, with revenue exceeding expectations but profit margins under pressure due to increased costs and a focus on growth over profit [1][9]. Group 1: Revenue and Growth - Total revenue for the quarter reached approximately $5.99 billion, representing a year-over-year growth of 38%, significantly surpassing market expectations by about 6% [27]. - The e-commerce segment, Shopee, achieved a GMV growth of 28.3% year-over-year, slightly accelerating from the previous quarter and exceeding the expected 25.4% [12][19]. - The financial segment, Monee, saw a loan balance increase of $1.1 billion this quarter, outperforming the expected $600 million, with revenue growth of 61% year-over-year [2][19]. - Garena's gaming segment experienced a 51% year-over-year increase in revenue, driven by collaborations with popular IPs like Naruto and Squid Game, significantly exceeding market expectations [4][22]. Group 2: Profitability and Margins - Overall gross margin decreased by 2.4 percentage points to 43.4% quarter-over-quarter, falling short of market expectations of 45.8% [5][27]. - The adjusted EBITDA margin for the company was 14.6%, down 1.2 percentage points from the previous quarter and below the expected 15% [34]. - The e-commerce segment's profit margin fell from 0.76% to 0.58%, indicating a more significant decline than anticipated [7][34]. - The financial segment's profit margin also declined to 26.1%, down 2.8 percentage points quarter-over-quarter, with EBITDA growth lagging behind revenue growth [7][34]. Group 3: Cost and Expenses - Total operating expenses for the quarter reached nearly $2.15 billion, a year-over-year increase of 26.5%, aligning with the previous quarter's growth rate and exceeding market expectations by about 3% [31]. - Marketing expenses surged by 38% year-over-year, reflecting the company's strategy to invest in growth despite rising costs [31]. - The company reported a bad debt ratio of 1.1%, remaining stable, indicating effective risk management despite the increase in loan balances [3][19]. Group 4: Market Dynamics and Competition - The competitive landscape in Brazil, which contributes about 15% to the group's overall GMV, is intensifying, with local leader Mercado implementing measures to counter Shopee's presence [10][11]. - Despite the strong growth in revenue, the market's perception of Sea's profitability has shifted, leading to a decline in stock price by approximately 20% from previous highs [10][11].
SEA：没变的答卷，敌不过 “变了心” 的市场
3 6 Ke·2025-11-12 23:45