- Sea Limited (NYSE:SE) reported stronger revenues, but a wider loss, in its Q2 earnings report, which marked further buildup beyond its Garena gaming platform into stronger e-commerce capabilities.
- Revenues overall rose 81% (up 71% on an adjusted basis to $219.6M, beating an expected $195.5M); digital entertainment revenues, the bulk of its sales, rose 18%, while e-commerce rose by a multiple of 47 times.
- Cost of revenues, meanwhile, rose 131%, spurring a 67% drop in gross profit.
- Net loss widened to $250.8M from a year-ago loss of $92.1M (adjusted net loss to $198.7M from $86.9M) as sales and marketing expenses ballooned to $165.1M; overall operating expenses more than doubled to $228.1M.
- EBITDA loss widened to $161.9M from a year-ago loss of $50.9M and Q1's loss of $144.7M.
- Revenue breakout: Digital Entertainment, $108M (up 18%); Others, $75.8M (up 651%).
- In Digital Entertainment, quarterly active users was up 150% to 160.6M; average revenue per user was $0.90 vs. a year-ago $1.80.
- In E-commerce, gross merchandise value was up 170.6% to $2.2B and gross orders rose 181% to 127.8M. And in Digital Financial Services, gross transaction value jumped 608% to $2.5B.
- Press release
- Now read: Take-Two Interactive Software, Inc. 2019 Q1 - Results - Earnings Call Slides
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