Shopee parent Sea expects 2024 to be another profitable year
- 198
- Business
- 20:25 12/03/2024
DNHN - Sea also revealed that Shopee’s regional market share has “stabilised” and the company plans to “maintain this market share position in 2024”.
Sea has reported its first annual net profit since its initial public offering (IPO) last year, helped by aggressive cost-cutting, and the Shopee parent company expects to remain profitable in 2024. This comes as the e-commerce giant looks to defend its market share against rivals Lazada and TikTok Shop.
According to CNBC, despite posting a net loss of US$111.6 million in the fourth quarter of 2023, Sea swung to a net profit of nearly US$163 million for the full year. This marks the first time the Shopee parent has recorded an annual profit. In 2022, Sea posted a loss of US$1.7 billion.
“In 2023, we achieved profitability, strengthened our leadership in e-commerce, grew our digital financial services business, and stabilised our digital entertainment business,” said Forrest Li, Sea’s chairman and group CEO.
Sea had previously reported consecutive quarterly losses, accumulating billions of dollars in losses since its founding in 2009.
The company operates across Southeast Asia and has e-commerce (Shopee), digital financial services (SeaMoney), and gaming (Garena) businesses.
“As a result, we exited the year with a stronger balance sheet, with our cash increasing to US$8.5 billion at the end of 2023. This reflects the discipline and prudence we have applied to our investments over the past year,” Li said.
“Looking ahead, we expect 2024 to be another profitable year,” Li added, although Sea did not provide specific financial guidance.
Sea’s e-commerce arm, Shopee, saw “significant market share gains” in 2023 despite “intensifying competition in Southeast Asia”, the company said. Sea also revealed that Shopee’s regional market share has “stabilised” and the company plans to “maintain this market share position in 2024”.
The group’s revenue for 2023 came in at US$13 billion, up 5%. Revenue from its e-commerce business, Shopee, rose 31% to US$9.77 billion. However, revenue from its gaming business, Garena, fell 44% to US$2.17 billion as the number of active and paying users continued to decline following the Covid-19 pandemic.
DBS analyst Sachin Mittal said Sea’s outlook for 2024 was “positive and surprising”. Following Sea’s earnings release, DBS upgraded its call on Sea shares from “hold” to “buy” with a target price of US$75 per share.
“This has to do with TikTok not being as aggressive in Indonesia. They have got what they wanted with Tokopedia and are now focused on regulatory compliance,” Mittal said in an interview with CNBC.
Similarly, CGS-CIMB Securities analyst Khang Chuen Ong upgraded his call on Sea shares from “hold” to “buy”, raising his target price from US$46 per share to US$74 per share.
“We believe Sea is in the early stages of a successful turnaround, as competitive pressures ease and investments in live streaming, new user acquisition … start to bear fruit,” a research note from Wedbush said.
Phuong Ha
Related news
- Are Vietnamese firms overlooking their most valuable “gold mine”?
- Iran Conflict and the “Double Shock” to the Global and Vietnamese Economies
- After 8 years and trillions sent abroad, are uST investors caught in a risky no-exit situation?
- When Cryptocurrency leaves the "Grey Zone": How are Vietnamese investors seeking profits?
- When the tech unicorn dream is undermined by reckless fundraising structures
- From New Year messages of World Leaders to the “new rules” of the Global economy in 2026
- Connecting Leaders, Shaping the Future: Strategic Leadership Planning Meeting – CorporateConnections Hanoi A
- Sunlight - Unilever Vietnam Recognized for Outstanding Contributions to the National Initiative Supporting Women Entrepreneurs
- Deputy Prime Minister Nguyễn Chí Dũng: “The country’s major challenges weigh heavily on my mind — and we must resolve them together.
- Unitsky String Technologies signs cooperation agreements with three Vietnamese partners, opening a new direction for smart mobility and sustainable development
- When artists do business – livelihood is no poetry!
- Before the D‑day to abolish flat‑rate tax: Fear of technology and costs leave small traders struggling to adapt
- Vietnamese enterprises at a crossroads: the impact of a potential US–China deal
- "Digital technicians" must not be forgotten if Vietnam aims to meet its strategic goals
- HDBank: Impressive profit growth, leading in profitability and advancing international integration
- TNI King Coffee sued for over VND 5 Billion in unpaid debts
- VINASME and Jeonnam Technopark Sign MOU on technology cooperation, human resource training, and trade promotion
- Vietnamese entrepreneurs strengthen ASEAN connectivity in the digital iIntegration era
- Vietnam upgraded to Secondary Emerging Market by FTSE Russell
- Hanoi’s economy grows 7.92% in first nine months of 2025, FDI surges nearly threefold
Đọc thêm Business
What truly defines corporate value in a rapidly evolving digital era?
In the digital age, corporate value is no longer confined to tangible assets but increasingly resides in brand equity, data, and knowledge - intangible assets that ultimately determine competitive strength.
Are Vietnamese firms overlooking their most valuable “gold mine”?
In the digital economy, corporate value no longer primarily resides in factories or machinery. A growing body of research highlights a fundamental shift in how value is created.
Iran Conflict and the “Double Shock” to the Global and Vietnamese Economies
The outbreak of conflict in Iran since late February 2026 is sending significant shockwaves through the global economy.
After 8 years and trillions sent abroad, are uST investors caught in a risky no-exit situation?
The article “When the Tech Unicorn Dream Is Undermined by Careless Capital-Raising Funds” pointed out legal risks and financial structural issues in the fundraising model related to the uST ecosystem.
When Cryptocurrency leaves the "Grey Zone": How are Vietnamese investors seeking profits?
From a market operating in the "grey zone," cryptocurrency in Vietnam is entering a phase of reshaping as a series of Government orientations, decrees, resolutions related to digital assets, financial security.
When the tech unicorn dream is undermined by reckless fundraising structures
A green transport technology project in Belarus, thousands of kilometers from Vietnam has continued to attract capital from a significant number of Vietnamese investors.
From New Year messages of World Leaders to the “new rules” of the Global economy in 2026
At a pivotal moment of transition, New Year messages from capitals such as Hanoi, Beijing, Washington and Paris reflect distinct priorities and strategic visions.
Connecting Leaders, Shaping the Future: Strategic Leadership Planning Meeting – CorporateConnections Hanoi A
"Your network is your most powerful flowing asset. It generates value, multiplies opportunities, and accelerates your influence across borders."
Innovative ESG enterprise: Trạm Xe Việt startup proposes solutions to build a green mobility ecosystem
As Vietnam commits to achieving Net Zero by 2050 and tightens emissions standards, the transportation sector faces unprecedented pressure to transform.
Deputy Prime Minister Nguyễn Chí Dũng: “The country’s major challenges weigh heavily on my mind — and we must resolve them together.
On the morning of November 26, 2025, Deputy Prime Minister Nguyễn Chí Dũng chaired a high-level working session at the National Innovation Center (NIC) in Hòa Lạc.