Sea posts 34% profit growth as Shopee reaches quarterly high

Sea’s net income reached US$502.5 million for the third quarter of 2026, the group announced on Nov 10. That represented growth of 34 per cent against the US$375 million recorded a year earlier. Revenue increased by 43.4 per cent, reaching US$8.6 billion, mainly on Shopee’s performance.

The board also authorised another US$1 billion for share repurchases, with no expiry. Sea said it had already spent about US$997.2 million buying 11.1 million shares under its existing US$1 billion programme.

Sea said Shopee achieved its highest quarterly profit to date. The e-commerce operation generated revenue of US$6.1 billion, up 41.3 per cent, helped by greater merchandise value and improved monetisation. Its adjusted Ebitda reached US$269.2 million after increasing 44.7 per cent.

Shopee handled 4.5 billion gross orders, an increase of 25.5 per cent. Gross merchandise value rose by 23.3 per cent, reaching US$39.7 billion.

At financial services business Monee, revenue grew by 63.9 per cent, reaching US$1.6 billion. Adjusted Ebitda increased 15.5 per cent to US$298.3 million. Sea attributed the results chiefly to credit extended to consumers and small and medium-sized enterprises.

Those loans amounted to about US$12.6 billion as at Sep 30, a year-on-year increase of 60 per cent. The share of outstanding loans classified as non-performing was 1.3 per cent, compared with 1.1 per cent a year earlier.

Garena, the gaming business, generated US$840.1 million in revenue, an increase of 28.6 per cent. Bookings advanced 5.9 per cent to US$890 million. Quarterly active users numbered 671.7 million, against 670.8 million a year earlier, while quarterly paying users rose 4.1 per cent to 68.6 million.