Shopee's GMV in The Second Quarter Reached US$23.3 Billion
Jayson 14 Aug 2024 09:09
Shopee's parent company Sea announced its second quarter 2024 results. The financial report shows that Sea's revenue in the second quarter was US$3.81 billion, a year-on-year increase of 22.9%; net profit was US$79.91 million, a year-on-year decrease of 75.9%; diluted earnings per share was US$0.14, compared with US$0.54 in the same period last year.
In terms of e-commerce business, Shopee's revenue in the second quarter was US$2.8 billion, a year-on-year increase of 33.7%; including US$2.5 billion in market revenue, a year-on-year increase of 32.7%; total orders reached US$2.5 billion, a year-on-year increase of 40.3%; GMV reached US$23.3 billion, a year-on-year increase of 29.1%; adjusted EBITDA was US$9.2 million, compared with US$150.3 million in the second quarter of 2023.
In terms of business, Shopee's market revenue is divided into core market revenue and value-added service revenue. In the second quarter, core market revenue consisting of transaction commissions and advertising revenue reached US$1.8 billion, a year-on-year increase of 41.4%; value-added service revenue related to logistics services reached US$722.3 million, a year-on-year increase of 15.5%.
By region, Shopee's adjusted EBITDA in Asia was $3.8 million in the second quarter, compared with $204.1 million in the second quarter of 2023; adjusted EBITDA in other markets was $13 million, compared with $53.7 million in the second quarter of 2023; in Brazil, due to continued improvement in unit economics, Shopee achieved a profit of $0.09 per order, compared with a loss of $0.24 per order in the second quarter of 2023.
During the quarter, Shopee improved its advertising algorithm and launched the Live Ads feature on Shopee Live, with sellers using paid advertising increasing by more than 20% year-on-year. In addition, Shopee's logistics investment to increase network coverage and delivery speed has paid off, with more than 70% of SPX express orders delivered within 3 days and the cost per order falling by 8%.
In terms of e-commerce business, Shopee's revenue in the second quarter was US$2.8 billion, a year-on-year increase of 33.7%; including US$2.5 billion in market revenue, a year-on-year increase of 32.7%; total orders reached US$2.5 billion, a year-on-year increase of 40.3%; GMV reached US$23.3 billion, a year-on-year increase of 29.1%; adjusted EBITDA was US$9.2 million, compared with US$150.3 million in the second quarter of 2023.
In terms of business, Shopee's market revenue is divided into core market revenue and value-added service revenue. In the second quarter, core market revenue consisting of transaction commissions and advertising revenue reached US$1.8 billion, a year-on-year increase of 41.4%; value-added service revenue related to logistics services reached US$722.3 million, a year-on-year increase of 15.5%.
By region, Shopee's adjusted EBITDA in Asia was $3.8 million in the second quarter, compared with $204.1 million in the second quarter of 2023; adjusted EBITDA in other markets was $13 million, compared with $53.7 million in the second quarter of 2023; in Brazil, due to continued improvement in unit economics, Shopee achieved a profit of $0.09 per order, compared with a loss of $0.24 per order in the second quarter of 2023.
During the quarter, Shopee improved its advertising algorithm and launched the Live Ads feature on Shopee Live, with sellers using paid advertising increasing by more than 20% year-on-year. In addition, Shopee's logistics investment to increase network coverage and delivery speed has paid off, with more than 70% of SPX express orders delivered within 3 days and the cost per order falling by 8%.
