Meanwhile, total revenues of $3.2 billion rose 105.7% year-over-year and surpassed analysts’ expectations of $2.91 billion. The strong performance of Digital Entertainment, along with e-commerce and other services, drove the overall results.
Revenues from Digital Entertainment increased 104.1% year-over-year to $1.4 billion. Bookings rose 6.8% year-over-year to $1.1 billion, and quarterly active users (QAUs) stood at 654 million, up 7.1% from the same quarter last year.
E-commerce revenue stood at $1.6 billion during the quarter, representing a rise of 89.4% year-over-year. Similarly, gross merchandise value (GMV) was up 52.7% to $18.2 billion.
During the quarter, the company witnessed strong growth in the adoption of SeaMoney’s offerings. The total payment volume for the mobile wallet came in at $5 billion, up 70.1% year-over-year. Additionally, quarterly paying users for mobile wallet services rose to 45.8 million.
Sea’s Chairman and CEO, Forrest Li, said, “As we look ahead, it is clear that consumer activities and experiences are increasingly converging online at the intersection of content, commerce, and community. We believe our ecosystem comprises a complete consumer tech and innovation stack that is distinctively relevant to the new opportunities being presented. Therefore, we will continue to focus on best positioning Sea in the long run to best serve the changing needs of fast growing digital-native generations.”
Guidance
For 2022, Sea projects to generate bookings for digital entertainment in the range of $2.9 billion to $3.1 billion. Revenue from e-commerce is anticipated between $8.9 billion and $9.1 billion, the midpoint of which reflects 75.7% growth from 2021.
Also, digital financial services revenue is expected to be between $1.1 billion to $1.3 billion, the midpoint indicating 155.4% year-over-year growth.
