March 7, 2023 — SEA(NYSE:SE) today announced its financial results for the fourth quarter and full year ended December 31, 2022.
The company reported Q4 earnings of $0.72 per diluted share,Four analysts surveyed by Capital IQ expected a loss of $0.83 per share.
Revenue for the quarter ended Dec. 31 was $3.45 billion, Four analysts polled by Capital IQ expected $3.05 billion.
“We are starting 2023 on a much stronger footing,” said Forrest Li, Sea’s Chairman and Group Chief Executive Officer. “Our decisive pivot to focus on efficiency and profitability since late last year is already driving meaningful bottom line improvements. We delivered positive total net income in the fourth quarter, demonstrating the strength and resilience of our underlying business model and the execution capabilities of our teams. As we continue this transition and maintain our focus on sustainable growth, our approach is to do less but do it better as we serve our users across our digital ecosystem.”
Fourth Quarter 2022
Total GAAP revenue was US$3.5 billion, up 7.1% year-on-year.
Total gross profit was US$1.7 billion, up 29.5% year-on-year.
Total net income turned positive to US$422.8 million, as compared to US$(616.3) million for the fourth quarter of 2021.
Basic earnings per share attributable to Sea Limited’s ordinary shareholders was US$0.76 in the fourth quarter of 2022, compared to basic loss per share attributable to Sea Limited’s ordinary shareholders of US$1.12 in the fourth quarter of 2021.
Diluted earnings per share attributable to Sea Limited’s ordinary shareholders was US$0.72 in the fourth quarter of 2022.
As a result of the foregoing, we had net income of US$422.8 million in the fourth quarter of 2022, as compared to net loss of US$616.3 million in the fourth quarter of 2021.
Full Year 2022
Total GAAP revenue was US$12.4 billion, up 25.1% year-on-year.
Total gross profit was US$5.2 billion, up 33.1% year-on-year.
Total net loss was US$1.7 billion, improving by 18.9% year-on-year.
Total adjusted EBITDA was US$(878.1) million, as compared to US$(593.6) million for the full year of 2021.
Summary of Financial Results
About Sea Limited
Sea Limited (NYSE: SE) is a leading global consumer internet company founded in Singapore in 2009. Its mission is to better the lives of consumers and small businesses with technology. Sea operates three core businesses across digital entertainment, e-commerce, as well as digital payments and financial services, known as Garena, Shopee and SeaMoney, respectively. Garena is a leading global online games developer and publisher. Shopee is the largest pan-regional e-commerce platform in Southeast Asia and Taiwan. SeaMoney is a leading digital payments and financial services provider in Southeast Asia.