Sea Limited reported fourth-quarter 2024 net income of US$237.6 million, while Garena bookings rose 19.0% on the year

Written by Claude Sonnet 5.5, an AI model, from public records. Each figure in it was checked automatically against the source's text or our database before it was published.

Sea Limited announced on Mar 4, 2025 that it made net income of US$237.6 million in the fourth quarter of 2024, against a net loss of US$111.6 million in the fourth quarter of 2023. Sea operates three core businesses: Garena (digital entertainment), which it describes as a leading global online games developer and publisher, Shopee (e-commerce) and SeaMoney (digital financial services). The results are unaudited and prepared under US accounting rules (GAAP); the net income is the consolidated figure, and the net income attributable to Sea's ordinary shareholders was US$237.3 million in the quarter and US$444.3 million for the year. Sea filed the press release in a Form 6-K, the report a foreign company files with the US Securities and Exchange Commission for news it has made public elsewhere.1^,2^,3^,4^,5^,6^,7^,8^,9^,10

Garena's segment, digital entertainment, had bookings of US$543.2 million in the fourth quarter, up 19.0% year on year. Sea defines bookings as GAAP revenue for the segment plus the change in its deferred revenue, and uses the metric as an approximation of cash spent by users. The segment's GAAP revenue was US$519.1 million, against US$510.8 million in the fourth quarter of 2023. Its adjusted EBITDA, a non-GAAP measure that Sea defines as operating income plus depreciation and amortization and the net effect of changes in deferred revenue and its related cost, was US$289.7 million in the quarter, up 33.3% year on year. The segment's quarterly active users were 618.0 million, up 16.9% year on year, and its quarterly paying users were 50.4 million, up 27.2%. For the full year, the segment's bookings were US$2.1 billion, up 18.7%, while its GAAP revenue was US$1.9 billion, against US$2.2 billion in 2023. Sea said the decline in GAAP revenue was primarily driven by higher bookings in 2022 than in 2023: the stronger bookings in 2022 meant more revenue was deferred and then recognized in 2023. Chairman and chief executive Forrest Li said 2024 was a great year for Garena, marking Free Fire's comeback with annual bookings growing at 34% year on year; the segment's own bookings for the full year were up 18.7%. He also said Sea expected Garena to grow its user base and bookings by double digits in 2025.11^,12^,13^,14^,15^,16^,17^,18^,19

Across the group, GAAP revenue was US$5.0 billion in the quarter, up 36.9% year on year, and total adjusted EBITDA, a non-GAAP measure Sea defines as the sum of the segments' adjusted EBITDA plus unallocated expenses, was US$590.9 million, against US$126.7 million in the fourth quarter of 2023. For 2024, revenue was US$16.8 billion, up 28.8%, and net income was US$447.8 million, against US$162.7 million in 2023. A later annual report, for 2025, gave revenue of US$22.94 billion, against US$16.82 billion for 2024.20^,21^,22^,1^,23^,24^,25^,26