Sea Shares Trade Lower Premarket On Q2 Revenue Miss, Suspension Of Guidance

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  • Sea Limited SE reported second-quarter FY22 revenue growth of 29% year-on-year to $2.94 billion, missing the consensus of $2.97 billion.
  • Digital Entertainment revenue decreased 12.1% Y/Y to $900.26 million, and bookings were $0.72 billion versus $1.20 billion a year ago. The segment adjusted EBITDA was $333.6 million, compared to $740.9 million a year ago.
  • Quarterly active users were 619.3 million, compared to 725.2 million a year ago.
  • Average bookings per user were $1.2 versus $1.6 a year ago.
  • E-commerce and other services revenue increased 75.6% Y/Y to $1.76 billion. Adjusted EBITDA loss for Shopee overall was $(648.1) million versus $(579.8) million a year back.
  • Marketplace revenue grew 61.9% Y/Y, and product revenue rose 13.6% Y/Y. Gross orders rose 41.6% Y/Y. Gross merchandise value increased 27.2% Y/Y.
  • Digital Financial Services revenue grew 214.4% Y/Y to $279 million.
  • The mobile wallet total payment volume rose 35.7% Y/Y to $5.7 billion.
  • Adjusted EPS loss of $(1.03) beat the consensus loss of $(1.21). Sea Ltd held $7.8 billion in cash and equivalents.
  • Outlook: Sea suspended e-commerce GAAP revenue guidance for the full year 2022 amid macro uncertainties. 
  • Price Action: SE shares traded lower by 4.07% at $86.31 in the premarket session on the last check Tuesday.
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