Shopee’s parent Sea witnessed narrowing net loss and an increase in revenue for the third quarter of FY23, with its e-commerce business posting significant growth.

Sea’s net loss improved 74.7 per cent year over year to $144 million as revenue rose 4.9 per cent to $3.31 billion.

Its e-commerce revenue alone jumped 16.2 per cent to $2.2 billion and – combined with other services – soared 22.3 per cent to $2.42 billion. Sales of goods went up 5.1 per cent to $301 million.

Digital entertainment revenue, however, fell 33.7 per cent to $592.2 million.

“Our strategy for e-commerce is driven by the principle that maximising the long-term profitability of the business will generate the greatest returns to our shareholders in the long run,” said Forrest Li, chairman and CEO at Sea.

“Our move to self-sufficiency and profitability in the past quarters has significantly improved both our cash reserves and operational efficiency and we see a very good opportunity to build our e-commerce content ecosystem efficiently especially in live streaming.”

For the first three quarters, Sea swung to an attributable net income of $260.5 million as revenue grew 4.99 per cent to $9.45 billion.