Q3 revenue rose 43% to $8.58bn, beating estimates, but adjusted EBITDA of $931m missed. Shopee revenue grew 41%, and the board approved a new $1bn buyback.
$Sea(SE.US)
I think Sea Limited has posted an impressive third quarter revenue of $8.6 billion (+43% YoY) and net income $502 millions (+34.0% YoY) This was an record breaking quarter for Sea. They have robust growth across Shopee, digital financial services, and Garena.
Welcome back! A leadership shock in US chips ran into a heavy week of results closer to home, and members weighed both. 📊
+1Sea Limited's Q3 2026 earnings release shows how segment investment masked solid core operating growth behind the headline Adjusted EBITDA miss.
Consolidated GAAP revenue rose 43.4% YoY to $8,582.3M, gross profit grew 51.4% to $3,935.4M, and net income reached $502.5M (+34.0% YoY). Total Adjusted EBITDA climbed 28.9% YoY to $931.3M, with every operating segment expanding profits: Shopee reached $269.2M (+44.7% YoY on $39.7B GMV and $6,070.2M GAAP revenue), Monee posted $298.3M (+15.5% YoY on $1,621.9M GAAP revenue), and Garena delivered $458.2M (+45.9% YoY on $890.0M bookings).
Two lines explain why consolidated EBITDA growth lagged top-line momentum. Sales and marketing expenses jumped 60.0% YoY at Shopee to $1,431.6M and 111.8% YoY at Monee to $334.6M as the group pushed user acquisition and lending growth. At the same time, Other Services Adjusted EBITDA widened 233.9% YoY to -$83.9M from -$25.1M a year earlier as Sea funded early-stage Sea Cloud initiatives.
On the balance sheet and credit side, Monee's consumer and SME loans principal outstanding expanded 60.0% YoY to $12.6B with a 1.3% 90-day NPL ratio, while Sea completed $997.2M in share repurchases under its prior $1B program and authorized a new $1B buyback. Tracking whether Sea Cloud losses widen and whether Monee credit losses stay contained as off-book and on-book lending scales matters more for 2027 margins than one quarterly EBITDA miss.
Source: Sea Limited Q3 2026 Financial Results Release (Nov 10, 2026). Informational summary only, not investment advice.
I think the market is becoming increasingly sensitive to valuation, profitability and the sustainability of AI spending. Sea’s 43% revenue growth is certainly impressive, but revenue growth alone is not enough if margins continue to come under pressure. For NVIDIA, I remain constructive on its long-term AI prospects, although I would rather see some stabilization before adding aggressively. Meanwhile, the hotter CPI and renewed Fed rate hike concerns could keep volatility elevated across markets. I prefer to stay patient, focus on fundamentals and accumulate quality companies selectively during meaningful pullbacks rather than chase short-term rebounds. Consistency over noise!
$Sea(SE.US) beat on revenue but missed on profit, closing -1.49%. A hot CPI revived Fed hike bets, and $NVIDIA(NVDA.US) fell another 5%. At home, the STI is inching higher. Let's dig in 👇💬 Sea's 43% s...
$Sea(SE.US)
🛍️ Is Shopee Still Sea Limited’s Main Growth Driver?
For Singapore investors following this leading regional tech name, Sea Limited’s Q3 2026 results give us a very clear answer.
Shopee has delivered its most profitable quarter ever and it remains the core engine powering the group’s growth.☺️
Here are the key extract numbers from the E‑Commerce Platform Growth Report in infographic:
✅ Record revenue
Shopee’s GAAP revenue jumped 41.3 % year‑on‑year to US$6.1 billion. Core marketplace revenue led the rise, climbing 50.6 %.
✅ Stronger sales activity
GMV rose 23.3 % year‑on‑year to US$39.7 billion, on 4.5 billion gross orders, a 25.5 % increase from last year.
✅ Highest‑ever profitability
Adjusted EBITDA hit a fresh all‑time high of US$269.2 million, up 44.7 % year‑on‑year, showing improving per‑unit economics.
✅ Better monetisation
Advertising revenue grew more than 55 % year‑on‑year, while the count of sellers paying for ads rose over 35 %.
✅ Funding long‑term plans
The strong cash flow from Shopee gives Sea the resources needed to keep investing in AI and supporting infrastructure.
On the earnings call, management shared confidence Shopee can keep up its expansion pace. They are guiding for roughly 25 % year‑on‑year GMV growth and US$1 billion in adjusted EBITDA for the full FY 2026.
With the above assurance from management, I believe Shopee will continue to deliver both higher top‑line sales and wider profit margins. It will also continue to hold an important place in Sea Limited’s business.
Curious to hear everyone’s view. Will Shopee fall out of favour over the next five years?
⚠️ Disclaimer: For discussion only, not financial and investment advice.Do your own due diligence.
Source: SEA limited official website - September Quarter 2026 results
$Sea(SE.US)
Sea Limited $Sea(SE.US) reported strong Q3 2026 results on November 10. Revenue reached $8.6 billion (+43.4%), while net income rose 34% to $502.5 million. Diluted EPS was $0.78, below expectations.
Growth in Shopee, Monee and Garena is encouraging, but the earnings miss creates short-term pressure.
$Tesla(TSLA.US)$Meta Platforms(META.US)$Alphabet(GOOGL.US)
$Sea(SE.US)
Sea Limited earnings does not meet market expectations for Q3 2026. But what is more worrying is its CEO Forrest Li intention to offer cloud services, he might have taken Amazon and Alibaba which started as an ecommerce platform and then expanded to Cloud services as inspiration. Being a new entrant into a now crowded cloud service providers will bleed more cash from the company for the initial setup and profiting from it will need another masterful execution.$NVIDIA(NVDA.US)$Intel(INTC.US)$Netflix(NFLX.US)
Growth beat across the board. But profits were wiped out by heavier investment, and NPLs are ticking up.
$Sea(SE.US)
Context: Sea Ltd. on Tuesday reported higher profit in its third quarter with increased revenues. Further, the firm said its board of directors on Monday approved an additional $1.0 billion to its share repurchase authorization, without expiration. In the previous $1 billion program, the company so far has repurchased 11.1 million shares for an aggregate amount of $997.2 million. In its third quarter, the company's net earnings totalled $502.46 million, 34 percent higher than $374.99 million last year. Earnings per share grew 32.2 percent to $0.78 from prior year's $0.59. Adjusted EBITDA increased by 28.9 percent year-on-year to reach $931.3 million with strong growth in all segments. Shopee Adjusted EBITDA1 was US$269.2 million, up 44.7 percent year-on-year. The company's revenue for the period rose 43.4 percent to $8.582 billion from $5.986 billion last year. Shopee revenue was $6.1 billion, up 41.3 percent year-on-year. Gross orders totaled 4.5 billion for the quarter, increasing by 25.5 percent year-on-year.
My Trade: Was actually aiming for nearer to $70 as it fell briefly during pre-marker but now the stock is up. Is ok, I will be patient.
Takeaway: Shopee's revenue increase is actually heartening, especially with intent competition from TikTok Shop in the past year as well. @Captain's Treasure
SE 3Q26 First Take: Results were mixed this quarter: top-line growth was solid with all three segments — e-commerce, fintech, and gaming — beating estimates. However, profitability was softer, with GAAP OPM below expectations and down QoQ, and adj. EBITDA also missing. The bigger focus, though, seems to be investment tied to a planned cloud push, which already appears in this quarter.
1) Overall: Revenue Beat, Margins Meh
Total revenue rose 43% YoY, about 6% above consensus. GAAP OPM was ~7.7%, roughly 50bps below expectations and lower QoQ, while adj. EBITDA came in about 6% below consensus.
All three segments beat on revenue growth, with stronger contributions from e-commerce and fintech and a softer print from gaming. On profitability, e-commerce held up, while gaming and fintech weakened. Notably, the 'Other' segment loss nearly doubled QoQ, becoming the key drag on group profit vs. expectations.
2) E-comm: Growth Decelerated as Expected; Lower AOV Drag; Margin Edged Up
GMV grew 23% YoY, in line with consensus and slower than last quarter’s 28.5%. Order volume rose ~25.5%, ahead of expectations, while AOV fell ~1.8% YoY vs. +1% last quarter, likely reflecting FX headwinds from weaker ASEAN currencies.
Take rate continued to climb, with 3P monetization up ~60bps QoQ, driving Shopee revenue to beat. On profitability, adj. EBITDA/GMV was ~0.68%, up slightly QoQ and in line with expectations, indicating a solid showing for this core segment.
3) Gaming: Billings Growth Slowed; User Metrics Soft; Margin Down QoQ
Billings were ~$890mn, up ~6% YoY, a clear slowdown from last quarter’s 15.5%. Both active users and paying users came in slightly below expectations, and adj. EBITDA/billings was ~51.5%, down ~200bps QoQ.
Management cited support from a Free Fire x Naruto Shippuden crossover and the 10th anniversary of Arena of Valor. However, last year’s tie-ins created a high base.
4) Fintech: Still Hypergrowth, but Credit Quality Worsened
Loan balances reached ~$12.6bn, up 60% YoY, driving fintech revenue up 64% YoY, both well ahead of estimates. That said, 90+ day NPLs rose to 1.3% from 1.0% last quarter, and adj. EBITDA margin fell to ~18.4%, below the ~20% expected and down for several consecutive quarters. Growth remains rapid, but markets will worry about rising credit risk.
5) Cloud: Investments Now Showing in CapEx and 'Other'
Q3 CapEx was ~$550mn, already exceeding full-year 2025 spend. The 'Other' segment loss also nearly doubled QoQ, and while management did not explicitly explain these shifts, the risk disclosures added 'AI, cloud and infrastructure initiatives'. These likely reflect compute and team investments related to Sea Cloud, pending confirmation on the call.$Sea(SE.US)
Sometimes, I don’t need to chase a stock when I can let the options market pay me while I wait. This is exactly why I like the wheel strategy.My latest example is Grab (GRAB). I started by selling a c...
Grab Q3 Brings Good News to Investors
🌟🌟🌟For months, the stock market treated $Grab(GRAB.US)like a parking ticket. Down over 40% year to date, written off by critics, battered by macro noise, fuel scares and regulatory red tape. If you only look at the stock ticker, you would think the company is in freefall.
But out in the real world, 57 million people across South East Asia are using Grab Super App to move, eat and pay every single day.
Last night, the truth caught up with the price action.
Grab didn't just beat earnings, it shattered the narrative. For the first time ever, every single segment is printing cash. This includes Financial Services. Revenue is up 27% to over a billion dollars. Guidance lifted. A massive USD 400 milli on buyback, proving that management knows exactly how undervalued this company is.
To everyone who held Grab during the year's lows and who ignored the noise, your patience is finally being validated. The Giant has awakened.
Dear Fellow Investors, Do you think Grab is on an upward momentum?
@Captain Leo
Apple beat forecasts but slid after hours as rising memory costs squeeze its margins, while chipmakers fell for a third straight day. At home, the STI is sliding again as the banks lead losses, though...
A careful read of the quarter. Adjusted EBITDA rose 74% to US$237m. Revenue rose 27% to about US$1.1bn, broadly in line with where the street was. Full year revenue guidance moved to US$4.15bn to US$4...
I have held GRAB since 3.40 so I am still well underwater. Averaged down twice this year, the last time at 2.62. This is the first print in a long while that gave me a reason to stay rather than a reason to explain myself.
What actually changed for me is the top end of the net profit guide going to US$800m. EBITDA I can argue with. A profit forecast I find harder to wave away.
What still bothers me is two things. Indonesia capping the motorbike commission, which hits the highest frequency part of the business. And Waymo saying it wants robotaxis in Singapore by 2028. I use Grab every single day and I would still try a driverless option on day one, which probably tells me more about how sticky this is than any slide in the deck.
Plan from here. I add at 2.60 if it comes back there. I trim half above 3.40, which is where I started. Nothing in between.
Grab Q3, the numbers that actually matter:
Revenue up 27% to about US$1.1bn, roughly in line.
Adjusted EBITDA up 74% to US$237m, ahead of expectations.
Full year revenue guided to US$4.15bn to US$4.2bn, above the prior top end.
Upper end of the net profit forecast raised from US$740m to US$800m.
Monthly transacting users 57m, about 3m added in the quarter.
Still down more than 40% year to date.
The guidance raise is the real news here. Revenue was close to consensus and EBITDA beat, but a company raising the top end of its profit forecast in this tape is doing something most of my watchlist is not.
$Grab(GRAB.US)
Grab had an exceptional Q3. - $1.12B of revenue, the first billion dollar quarter- 57M monthly users, fastest QoQ growth since 2022- EBITDA margins now highest in history of the company at 21%, up 565 basis points YoY- Raised EBITDA guide from 45% growth to 60% growth YoY- Total quarterly active advertisers on self-serve platform grew 39% YoY, and average spend of these advertisers grew 13% YoY- Adjusted FCF now $533M, doubling YoY- Financial services is now profitable- Bought back $400M of stock, CEO bought $30M himself.11B marketcap, 5B in cash, doing $4.2B of revenue and growing the bottom line 60%. Listening to the call, looks like Meta chose Grab to be one of the first partners to integrate with Muse in Singapore. It is not easy for a company to do $1B in revenue every 90 days and it is also not easy to have 7% of the entire SEA population using your products, while growing that number 20% YoY. Network effects compounding with operating leverage is the simple thesis, unfortunately oil has been the headwind but this was an outstanding quarter for the company.Source: amit
🚕💰 Grab Fundamental Analysis: How Loans Could Become a Bigger Growth Engine🌏 Grab Is Becoming More Than a Ride-Hailing CompanyWhen I first think about Grab, I usually think about rides, food delivery ...
.🚕💰 My GRAB Cash-Secured Put Trade — The Blinkfans Easy Guide💵 Why I Sold a GRAB PutI like using cash-secured puts when I find a stock that I don’t mind owning at a lower price.This time, I looked at ...
Iggy's Journal: Growing Faster, Bleeding Less, Still Not Paying You
19 September 2026, Evening
Video Release
Grab shares are sitting near a 52 week low. I pulled the actual Q2 2026 numbers before writing anything, and the share price wasn't what jumped out at me.
The Numbers
Financial Services revenue grew 59 percent to US$134 million, while the segment's EBITDA loss narrowed to US$15 million. That's growth with less bleeding, not profitability, and those are two very different things to be excited about. The Atome deal can't even consolidate into results until Q3 2027 at the earliest, so whatever story you're telling yourself about that acquisition today is getting ahead of the actual accounting.
My Personal Take
If you're holding Grab inside CPF or SRS, I want to be direct about what this actually is. Grab's own FY2025 Form 20-F says it does not expect to pay dividends for the foreseeable future. Iggy's Forensic Zone on this one is Red Zone, not an income vehicle, no dividend policy. The US$900 million buyback authorization over 12 months is real money and a real signal, but so is the equity award overhang sitting on the other side of the ledger, and which one actually wins that tug of war is still an open question. Full breakdown of how I'm weighing the buyback against the overhang is in today's video.
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