Singapore-based Sea Limited posted growth in both sales and profit for the first fiscal quarter, driven by the continued momentum in its e-commerce platform, Shopee. 

For the quarter ended March 31, Sea’s revenue soared 46.6 per cent to US$7.1 billion, while gross profit jumped 40 per cent to $3.1 billion.

Net income increased 6.7 per cent to $438.2 million, and adjusted EBITDA rose 9.3 per cent to $1 billion. 

“We have had a strong start to the year; 2026 is a year where we are leaning in to deepen our competitive moats, while maintaining financial discipline,” said Forrest Li, Sea’s chairman and CEO. 

“Our strong revenue growth reflects the effectiveness of these investments, and we are already seeing unit economics start to improve for some of these initiatives. We believe this is the right approach to maximise long-term value, given the significant runway for growth still ahead of us in our markets.” 

Li noted that Shopee delivered another record-setting quarter, with GMV up 30 per cent to $37.3 billion and gross orders up 29 per cent to 4 billion.

Core marketplace revenue, mainly from transaction-based fees and advertising, was up 61 per cent. Value-added services revenue, including logistics services, was down 8.1 per cent.

“We are confident in the strength of our Shopee ecosystem and our ability to execute our strategies,” said Li. 

“We are on track to deliver our 2026 guidance: To grow Shopee’s annual GMV by around 25 per cent year-on-year, with full-year adjusted EBITDA no lower than 2025 in absolute dollar terms.”  

Other businesses of the company also achieved strong growth, with revenue improving 57.8 per cent for the financial services arm Monee and 40.6 per cent for the online games segment Garena.

Last year, Sea’s revenue increased 36.4 per cent to $22.9 billion, and net income jumped to $1.6 billion from $447.8 million in the prior year.