Shopee's revenue grew 35% to $4.3 billion, exceeding the previous estimate of $3.99 billion, becoming a key driver of the better-than-expected revenue. Gross Merchandise Volume (GMV) increased by 28%.
Reports indicate that in a market environment fiercely competitive with rivals such as TikTok Shop and Alibaba, Shopee effectively attracted cautious consumers during economic fluctuations by launching large discounts, limited-time offers, and accelerated logistics delivery before holidays, combined with financial incentives such as cash back, buy-now-pay-later, and points rewards.
SEA stated that Shopee's GMV is expected to grow by more than 25% this year, higher than the previous forecast of 20%. However, its marketing expenses have increased significantly to cope with competition. Data shows that its overall operating expenses increased by 28% to $2.12 billion, compared to $1.66 billion in the same period last year.
