Sea reported first-quarter 2025 revenue of $4.8 billion and Garena bookings of $775.4 million

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 Garena games business, reported its results for the first quarter of 2025 on May 13, 2025. It attached the press release to a Form 6-K, the report a foreign private issuer, a company based outside the United States, files with the US Securities and Exchange Commission to pass on information. Total revenue under US accounting rules (GAAP) rose 29.6% to $4.8 billion in the first quarter of 2025, from $3.7 billion in the first quarter of 2024. Net income was $410.8 million, which includes $7.8 million that belongs to minority holders (non-controlling interests), against a net loss of $23.0 million in the first quarter of 2024. The part attributable to Sea's ordinary shareholders was $403.1 million, against a loss of $23.7 million. Diluted earnings per share attributable to those shareholders were $0.65, against a diluted loss of $0.04 a share.1^,2^,3^,4^,5^,6^,7^,8^,9^,10^,11^,12

Garena, which Sea describes as a global online games developer and publisher, had bookings of $775.4 million in the quarter, up 51.4% year on year. Bookings is a measure Sea defines itself: the unit's GAAP revenue plus the change in its deferred revenue, which the company uses as an approximation of what players spent in the period. The unit's revenue, the accounting figure, was $495.6 million against $458.1 million in the first quarter of 2024, an increase the company said was primarily due to a larger active user base and deeper paying user penetration. The unit had 661.8 million quarterly active users, up 11.3% year on year, and 64.6 million quarterly paying users, up 32.2%. The paying user ratio was 9.8%, against 8.2% in the first quarter of 2024.3^,13^,14^,15^,16^,17^,18^,19

Adjusted EBITDA for the unit, which Sea lists among its non-GAAP measures and defines as operating income plus depreciation and amortization and the net effect of changes in deferred revenue and its related cost, was $458.2 million, up 56.8% year on year. The unit's operating income was $220.0 million, against $236.2 million in the first quarter of 2024. Forrest Li, Sea's chairman and chief executive, said Garena had its best quarter since 2021. He said Free Fire's average daily active users in the quarter were close to their peak quarterly average during the pandemic, which he credited to the game's collaboration with NARUTO in January.20^,21^,22^,23^,24^,15^,25^,26^,27

Games are one of Sea's three businesses: e-commerce had GAAP revenue of $3.5 billion in the quarter and digital financial services $787.1 million. The release labels its summary of financial results unaudited, and bookings and adjusted EBITDA are the company's own measures. We hold the text of this 6-K and the press release attached to it, and nothing else of the filing.2^,28^,29^,14^,20^,30^,6