Damn. I never expected them to pull it off but they actually did it. In all three of its segments—E-commerce, Digital Entertainment, and Digital Financial Services—they are ALL profitable. E-commerce: Shopee increased marketing spend but lackluster growth in sales Shopee’s revenue was up 32.3% year-on-year (YoY) to $2.3b. On a sequential basis, they recorded their lowest sequential growth of 3.2%, from Q1 2023 revenue of $2.2b. Its key competitor in Indonesia, Tokopedia registered a significantly lower growth rate of 8% you growth rate to 2.2 trillion IDR, while still being unprofitable ...
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