Sea Limited's 2024 revenue rises 28.8% to $16.82 billion while revenue at its Garena games segment falls 12.0%

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, which runs the Shopee marketplace, the SeaMoney financial business and the Garena games business, reported revenue of $16.82 billion for 2024, up 28.8% from $13.06 billion in 2023. It filed the figures on Apr 17, 2025 in a Form 20-F, the annual report a company based outside the US files with the SEC, for the year ended Dec 31, 2024.1^,2^,3^,4^,5^,6^,7^,8

Operating income rose to $662.15 million from $224.78 million. Net income attributable to Sea's shareholders was $444.32 million, against $150.73 million the year before; counting the share of other holders in its subsidiaries, it was $447.83 million, against $162.68 million. Diluted earnings per share were $0.74, against $0.25.9^,10^,11^,12^,13^,14^,15^,16

Digital entertainment, the segment that holds Garena's games, brought in $1.91 billion, down 12.0% from $2.17 billion in 2023. Management says the fall mainly reflects higher bookings in 2022 than in 2023, which left more revenue to be deferred and then recognized in 2023. It defines bookings as the segment's GAAP revenue plus the change in its deferred revenue, an approximation of the cash its users spent. The company says bookings in 2024 were higher than in 2023: average Game QAUs, its key metric for the active user base, rose 18.0% from 527.2 million in 2023 to 622.3 million in 2024, and average Game QPUs rose 25.5% from 40.2 million to 50.5 million. It spreads the revenue from in-game items over a performance obligation period, which it sets from the estimated average lifespan of a paying user or of the items sold; the weighted average for its paying users was 17 months at Dec 31, 2024.2^,17^,18^,19^,20^,21^,22^,23^,24^,25^,26

Digital entertainment was 31.1% of Sea's revenue in 2022, 16.6% in 2023 and 11.3% in 2024. In 2023 its revenue fell 44.0% from $3.9 billion in 2022 to $2.2 billion, which the company ties mainly to a moderation in its active and paying user base: average Game QAUs fell 7.9% from 572.2 million to 527.2 million, and average Game QPUs fell 24.3% from 53.1 million to 40.2 million.27^,28

The e-commerce segment's revenue rose 37.9% to $12.42 billion, and the digital financial services segment's rose 34.6% to $2.37 billion. Sea's next annual report, filed on Apr 17, 2026, gives revenue of $22.94 billion and operating income of $1.99 billion for 2025.29^,30^,31^,32^,33^,34^,35

Our records hold this 20-F's management discussion and analysis and its notes to the financial statements, but not its other exhibits, and they keep one value for each period, so they cannot tell whether the year-earlier figures were restated. In the discussion we hold, the company says whether bookings rose or fell from year to year and gives no dollar total for them.36^,37