Orders And GMV Both Increase: Shopee Spends Money In Exchange For Growth
Jayson 16 Nov 2023 07:02
Recently, Shopee's parent company: Sea, released its third-quarter financial report ending in September 2023.
During the financial reporting period, Sea's total revenue was $3.31 billion, beating consensus estimates of $3.17 billion, the data showed. Among them, Shopee's revenue reached $2.42 billion, exceeding expectations of $2.18 billion.
In addition, the financial report once again announced Shopee's order volume and GMV data, sending a positive signal to the market.
Data shows that in the third quarter, Shopee's order volume was 2.2 billion, a year-on-year increase of 13.2% and a month-on-month increase of 23.6%. GMV was US$20.1 billion, up 5.1% year-on-year and 11.2% sequentially.
However, although revenue growth exceeded expectations, the losses were obvious.
The financial report shows that in the third quarter, Shopee's adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) was -$346.5 million. Among them, the adjusted EBITDA of the Asian market this quarter was -$306.2 million, far exceeding the -$216.8 million in the third quarter of 2022.
Regarding the company's future direction, Group CEO Forrest Li said: "During the current period, we will prioritize investing in our business to increase market share and further strengthen our market leadership. We are committed to maintaining strong cash flow, not relying on external financing, and Investing within our means at the time and pace of our choosing. At the same time, given that e-commerce penetration remains low in most of our markets, it is our responsibility as a market leader to drive growth throughout the e-commerce ecosystem."
During the financial reporting period, Sea's total revenue was $3.31 billion, beating consensus estimates of $3.17 billion, the data showed. Among them, Shopee's revenue reached $2.42 billion, exceeding expectations of $2.18 billion.
In addition, the financial report once again announced Shopee's order volume and GMV data, sending a positive signal to the market.
Data shows that in the third quarter, Shopee's order volume was 2.2 billion, a year-on-year increase of 13.2% and a month-on-month increase of 23.6%. GMV was US$20.1 billion, up 5.1% year-on-year and 11.2% sequentially.
However, although revenue growth exceeded expectations, the losses were obvious.
The financial report shows that in the third quarter, Shopee's adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) was -$346.5 million. Among them, the adjusted EBITDA of the Asian market this quarter was -$306.2 million, far exceeding the -$216.8 million in the third quarter of 2022.
Regarding the company's future direction, Group CEO Forrest Li said: "During the current period, we will prioritize investing in our business to increase market share and further strengthen our market leadership. We are committed to maintaining strong cash flow, not relying on external financing, and Investing within our means at the time and pace of our choosing. At the same time, given that e-commerce penetration remains low in most of our markets, it is our responsibility as a market leader to drive growth throughout the e-commerce ecosystem."
