Sea Limited stock surges 9% on strong revenue growth

Singapore-based technology firm Sea Limited (NYSE:SE) reported a staggering 48.1% year-over-year revenue surge to $7.79 billion in the second quarter, surpassing analyst estimates. While the company's adjusted earnings per share fell short of expectations, trading shares jumped by 8.91% in pre-market trading, captivated by the strong top-line growth and improved guidance.

Forrest Li, Sea's Chairman and Chief Executive Officer, confirmed that the momentum from the first quarter has continued into the second. Shopee, Sea's e-commerce platform, reported a 28.4% YoY increase in gross merchandise volume to $38.3 billion and a 27.5% YoY rise in gross orders to 4.2 billion. The segment achieved an adjusted EBITDA of $255.4 million, up 12.2% YoY.

Monee, Sea's digital financial services segment, experienced a 62.5% YoY jump in its loan portfolio to $11.1 billion, generating an adjusted EBITDA of $288.0 million, up 12.8% YoY. Garena, Sea's gaming arm, reported bookings of $763.5 million, up 15.5% YoY, with an adjusted EBITDA of $429.8 million, up 16.7% YoY.