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Sea | 6-K: Report of foreign private issuer (related to financial reporting)

SEC announcement ·  Mar 4 16:09
Summary by Moomoo AI
Sea Limited, a leading global consumer internet company, reported its financial results for the fourth quarter and full year ended December 31, 2023. The company, which operates three core businesses in digital entertainment, e-commerce, and digital financial services, announced its first full year of annual profit since its IPO. Chairman and CEO Forrest Li expressed satisfaction with the profitability achieved in 2023, the strengthened market leadership in e-commerce, growth in digital financial services, and stabilization of the digital entertainment business. Sea's cash position increased to $8.5 billion by the end of 2023. For the fourth quarter, Sea reported a total GAAP revenue of $3.6 billion, a 4.8% increase year-on-year, with a net loss of $111.6 million compared to a net income of $422.8 million...Show More
Sea Limited, a leading global consumer internet company, reported its financial results for the fourth quarter and full year ended December 31, 2023. The company, which operates three core businesses in digital entertainment, e-commerce, and digital financial services, announced its first full year of annual profit since its IPO. Chairman and CEO Forrest Li expressed satisfaction with the profitability achieved in 2023, the strengthened market leadership in e-commerce, growth in digital financial services, and stabilization of the digital entertainment business. Sea's cash position increased to $8.5 billion by the end of 2023. For the fourth quarter, Sea reported a total GAAP revenue of $3.6 billion, a 4.8% increase year-on-year, with a net loss of $111.6 million compared to a net income of $422.8 million in the same period of 2022. The e-commerce segment saw a 23.2% increase in GAAP revenue year-on-year, while the digital financial services segment's GAAP revenue grew by 24.3%. The digital entertainment segment experienced a decrease in GAAP revenue compared to the previous year. For the full year, Sea's total GAAP revenue was $13.1 billion, a 4.9% increase year-on-year, with a total net income of $162.7 million, a significant improvement from the net loss of $1.7 billion in 2022. The company expects another profitable year in 2024.

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