Overall a strong quarter from Sea Limited across all three verticals, with Q1 prints running well ahead of the full-year guidance management chose to maintain. Shopee In my Q4 report, I closed Shopee with: "until we see the margin line move upward, it remains a promise rather than a delivery." Q1 starts to deliver. The growth and monetization story strengthened, and for the first time in over a year, margin expanded sequentially. Headline financials
GMV: $37.3B, +30.2% YoY Gross orders: 4.0B, +29.3% YoY GAAP revenue: $5.1B, +45.1% YoY Core marketplace revenue (transaction fees + ads): $...
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