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Business

Shopee, Garena has strong income




Shares of Southeast Asia’s e-commerce and gaming company Sea Group rose after first-quarter earnings beat analysts’ expectations on Tuesday.

Seas ‘U.S. listed stocks rose 14% to close at $ 80.21 after the Singapore-based internet company reported earnings that exceeded analysts’ expectations in the first quarter of this year.

Here’s how the New York listed company fared from January to March:

  • Revenue: $ 2.9 billion against $ 2.76 billion as expected by analysts, according to Refinitiv.
  • Net loss: $ 580.1[ads1] billion against $ 722 billion as expected by analysts, according to Refinitiv.

Seas’ revenue increased by 64.4% from the same period last year, but fell around 9.5% from the $ 3.2 billion it earned in the previous quarter, a sign that after two years of pandemic-driven sales, growth is beginning to plateau.

It is the e-commerce platform Shopee and the gaming arm Garena grew more slowly as the countries opened up.

Singapore, Singapore – 2021: A large Shopee logo at the entrance to the e-commerce platform’s headquarters in Science Park. (Exact shooting date unknown due to incorrect camera settings)

Kokkai | Istock not released | Getty pictures

The company warned that inflation and disruptions in the supply chain could affect the business, even if it continues to be loss-making.

“As we enter a new era, we recognize that the current macro trend and uncertainty may affect our region and the world in the short term,” said Forrest Li, Sea’s CEO and co-founder during the earnings interview.

Both Shopee and Garena, Seas’ two most important money-earning divisions, had lower revenues compared to the previous quarter.

Ecommerce: Shopee

E-commerce revenue generated by Shopee was $ 1.52 billion in the first quarter, down from $ 1.59 billion in the previous quarter. Heavy logistics and marketing costs led to a loss of $ 810 million – $ 131 million less than in the previous quarter.

The company revised its full-year revenue guidance for Shopee to between $ 8.5 billion and $ 9.1 billion, citing “increased macro uncertainties.”

Seas CEO Yanjun Wang pointed out that the company did not lower the guidance, but expanded it as a way to be careful. Its previous guidance was between $ 8.9 billion and $ 9.1 billion.

Read more about technology and crypto from CNBC Pro

But the amount people spend on each order may be trending downward, according to Kristine Lau, an analyst at research firm Third Bridge.

“The impact of inflation on discretionary spending is one,” she said, referring to non-essential elements such as entertainment and luxury goods.

“For many of the high-frequency items or just daily necessities that people had to buy online – either it was sold out offline, or it just made more sense to use Shopee when everything is locked – I think a lot of it would be redistributed to offline retail, “la Lau til.

Play: Garena

Garena, which has long been Sea’s profit maker, had sales of $ 1.1 billion. Net profit for the gaming arm was up 52.2% (or $ 432 million) from the same period a year ago, but down 23.5% (or $ 859 million) from the previous quarter

Quarterly active users fell by 32.9 million year-on-year, while quarterly paying users fell by more than 18 million to 61.4 million from 79.8 million a year ago, consistent with concerns that it is now weaker demand for mobile gaming in a post-pandemic world.

Much of the loss can also be attributed to a ban in India. Earlier this year, India blocked Garena’s popular mobile game Free Fire, along with 53 other apps with links to China.

The Chinese technology giant Tencent is a major shareholder in Sea. In January, Tencent Sea sold $ 3 billion worth of shares, reducing its stake from 21.3% to 18.7%.

Technical sale

Shares in Sea have been hammered by broader technology sales. The stock has fallen more than 80% since its peak in October 2021 when it reached $ 366.99. Prices fell to a two-year low of around $ 57 earlier this month.

Investors are also concerned about the cash-burning model Sea has spent hundreds of millions, even billions of dollars every quarter on marketing, especially on subsidies to attract consumers and sellers to Shopee, which competes with Amazon, Alibaba’s Lazada in Southeast Asia. , and Mercado Libre in Latin America.

Shopee has a presence in 13 countries and is in Southeast Asia, Latin America and Europe. It withdrew its Shopee business from India and France in March this year, just months after venturing into the two countries.



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