All three of Sea’s business divisions—e-commerce platform Shopee, video game developer Garena and fintech unit Monee—posted double-digit percentage point revenue growth.
“The momentum from our strong start to 2025 has continued into the second quarter. All three of our businesses have delivered robust, healthy growth, giving us greater confidence of delivering another great year,” said CEO Forrest Li in prepared remarks.
Shopee, the leading e-commerce platform in Southeast Asia and Taiwan, is still the biggest contributor to Sea’s business, contributing 72% of total revenue. Shopee’s gross merchandise value grew 25% over the first half of the year compared to 2024.
Monee, Sea’s recently rebranded financial services arm, also maintained strong growth. Its loan book expanded by 94% year-on-year last quarter, reaching $6.9 billion.
On Wednesday, Li said that Sea has “reached a stage where we can pursue growth opportunities while improving profitability.”
One such growth opportunity is Brazil. Shopee expanded to Brazil in 2019, and is now one of the country’s leading e-commerce platforms. In a call with analysts, both Li and CFO Tony Hou were bullish on Sea’s prospects in Brazil.
Hou said that Sea had “meaningful room” to grow in Brazil, even as competitors like PDD Holdings’ Temu and ByteDance’s TikTok entered the market. Li also pointed to Brazil’s potential as a market for Sea’s financial services business, pointing to “very good growth” in loan book value for the second quarter.
