SE Q1 2025 Earnings
Reported May 13, 2025 at 4:05 PM ET · SEC Source
Q1 25 EPS
$0.65
MISS 28.76%
Est. $0.91
Q1 25 Revenue
$4.84B
MISS 0.92%
Est. $4.89B
vs S&P Since Q1 25
-67.7%
TRAILING MARKET
SE -45.0% vs S&P +22.6%
Market Reaction
Did SE Beat Earnings? Q1 2025 Results
Sea Limited delivered a mixed but broadly impressive first quarter for 2025, posting earnings per share of $0.65 that missed the $0.91 consensus estimate by 28.76%, while revenue of $4.84 billion grew 29.6% year-over-year yet came in just 0.92% shy o… Read more Sea Limited delivered a mixed but broadly impressive first quarter for 2025, posting earnings per share of $0.65 that missed the $0.91 consensus estimate by 28.76%, while revenue of $4.84 billion grew 29.6% year-over-year yet came in just 0.92% shy of the $4.89 billion Wall Street expected. The headline miss on earnings, however, obscures a genuinely transformative quarter beneath the surface: operating income surged 542% to $456.40 million as all three business segments turned profitable simultaneously for the first time, a milestone that has drawn fresh attention to the company's remarkable turnaround from its post-pandemic lows. The standout driver was Shopee's e-commerce swing to a $195.00 million operating profit from a $97.33 million loss a year ago, complemented by Garena's best bookings quarter since 2021 and Monee's 57.6% revenue growth in digital financial services. Management expressed increased confidence in achieving full-year guidance, citing the strong broad-based momentum heading into the remainder of 2025.
Key Takeaways
- • Record-high GMV of US$28.6 billion for Shopee, up 21.5% YoY
- • Gross orders totaled 3.1 billion, up 20.5% YoY
- • Core marketplace revenue growth of 39.2% driven by transaction-based fees and advertising
- • Monee credit business expansion with loans principal outstanding up 76.5% YoY to US$5.8 billion
- • Free Fire DAU approaching pandemic-era peak driven by NARUTO collaboration
- • Digital entertainment bookings up 51.4% YoY to US$775.4 million
- • Paying user ratio improved to 9.8% from 8.2% YoY
- • Quarterly active users reached 661.8 million, up 11.3% YoY
- • Interest income of US$88.8 million contributing to non-operating income
SE YoY Financials
Q1 2025 vs Q1 2024, source: SEC Filings
SE Revenue by Segment
With YoY comparisons, source: SEC Filings
“We have delivered another great quarter of strong growth with improving profitability across all three businesses. Our strong start to the year gives us more confidence of achieving our full-year guidance.”
— Forrest Li, Q1 2025 Earnings Press Release
SE Earnings Trends
SE vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
SE EPS Trend
Earnings per share: estimate vs actual
SE Revenue Trend
Quarterly revenue: estimate vs actual
SE Quarterly Results
4 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q4 25 MISS FY | $0.80 | $0.63 | -21.47% | $6.85B | +9.37% |
| FY Full Year | $3.50 | $2.52 | -28.00% | $22.94B | +2.63% |
| Q3 25 MISS | $0.95 | $0.59 | -37.82% | $5.99B | +6.49% |
| Q2 25 MISS | $0.88 | $0.65 | -26.22% | $5.26B | -6.68% |
| Q1 25 MISS | $0.91 | $0.65 | -28.76% | $4.84B | -0.92% |