This quarter's results beat expectations, driven by strong growth across all three businesses—e-commerce, fintech, and gaming—alongside continued improvement in investment efficiency.

Total revenue reached $7.8B, +48% YoY; adjusted EBITDA $917M, +11% YoY; Shopee GMV $38.3B, +28% YoY, with eight consecutive quarters of sequential growth.

Shopee's average monthly new buyers grew +35% YoY, advertising revenue +70% YoY, VIP members surpassed 15 million, and livestream/short-video orders in Southeast Asia accounted for over 25% of physical goods orders. Monee's loan portfolio reached $11.1B, adding 5.3 million new borrowing users; Philippines loans surpassed $1B, and Monee expanded its standalone app in Brazil. Garena secured publishing rights for two heavyweight IP games, and Free Fire's daily active users exceeded 100 million.

Management maintains its full-year guidance of ~25% Shopee GMV growth and expects Shopee's full-year adjusted EBITDA to reach the $1B milestone.

Management's tone was positive, emphasizing a stable competitive landscape and Brazil growth far outpacing the broader market; NPL remained stable at 1.0%, but attention should be paid to rising provisioning pressure from the expansion of Shopee loans and Brazil exposure.