While broader cost-cutting efforts have made the overall business EBITDA positive for a third consecutive quarter, the renewed focus on profitability may be impacting the growth trajectory of Shopee and SeaMoney. Garena, in particular, saw bookings fall for a seventh straight quarter.
The units include Garena, the company’s gaming segment best known for developing and publishing mobile battle royale title Free Fire Shopee, the ecommerce business and a leading online shopping platform in Southeast Asia, with over 300 million monthly users and SeaMoney, a digital payments platform within the region with the goal of digitizing financial services for consumers and businesses alike. The Singaporean tech conglomerate’s recent earnings announcement showcased deceleration among the company’s three major units.
