Sea Group’s losses widen in Q2 even as revenues grow at Shopee, SeaMoney
New York-listed Sea Ltd. has posted a net loss of $931 million for the second quarter ended June 30, 2022, more than doubling from $433.7 million a year ago.
The losses widened even as e-commerce division Shopee’s unit economics “improved significantly”, CEO and chairman Forrest Li said on Tuesday.
The losses included a $177.3 million impairment related to prior acquisitions, owing to lower current market valuations, and share-based compensation, the company said.
During the three months, the e-commerce and gaming giant recorded GAAP revenues of $2.9 billion, up 29% from the year before.