Sea Ltd: E-commerce growth rates hold up in Q1 even as gaming continues to soften

Sea Ltd: E-commerce growth rates hold up in Q1 even as gaming continues to soften

The Shopee app, Garena Interactive Holding Ltd.'s mobile marketplace, is displayed on the smartphone of an employee at the company's headquarters in Singapore, on Thursday, Aug. 25, 2016. Photographer: Nicky Loh/Bloomberg

Sea Ltd has recorded a 64.4% YoY increase in its GAAP revenue at $2.9 billion in the first quarter of 2022 while gross profits soared 81.3% YoY to $1.2 billion indicating improved overall profitability from last year.