Shopee Parent Company's Losses Balloon by 115% in Q2 2022

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Reza Pahlevi 24/08/2022 10:30 WIB

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Sea Group, Shopee's parent company, reported a net loss of US$931.2 million in the second quarter of 2022.

Sea Group's Revenue and Net Profit (Q2 2021 vs 2022)

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Sea Group's Revenue and Net Profit (Q2 2021 vs 2022)

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Sea Group, the parent company of the e-commerce platform Shopee, reported revenue of US$2.94 billion in the second quarter of 2022. This represents a 29% year-on-year (YoY) increase from US$2.28 million in the same period last year.

Sea Group's revenue is primarily driven by Shopee, which contributed US$1.75 billion. Garena contributed US$900.3 million, Sea Money US$279 million, and other sources US$14 million.

The increase in revenue was accompanied by a surge in expenses. Cost of revenue increased by 37.2% (YoY), general and administrative expenses increased by 96% (YoY), and research and development expenses increased by 115% (YoY).

This increase in expenses led to a more than doubling of net losses. Sea Group's net loss rose by 115% (YoY) to US$931.2 million from US$433.7 million.

This year, Sea Group has not provided revenue guidance for Shopee for the full year 2022. Macroeconomic uncertainty is cited as the reason for this decision.

Editor : Annissa Mutia

"Disclosure: This is an AI-generated translation of the original article. We strive for accuracy, but please note that automated translations may contain errors or slight inconsistencies."

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Shopee Parent Company's Losses Balloon by 115% in Q2 2022

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Shopee Parent Company's Losses Balloon by 115% in Q2 2022

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