---
title: "Sea Posts Q1 Beat On Record Shopee Revenue Growth"
type: "News"
locale: "en"
url: "https://longbridge.com/en/news/286310659.md"
description: "Sea Ltd reported a strong Q1 with $7.1 billion in GAAP revenue, a 47% year-over-year increase, driven by significant growth in Shopee and Monee. Despite a positive earnings report, shares fell on NYSE, reflecting market adjustments. Analyst Fawne Jiang maintained a Buy rating with a $140 price target. Shopee's GMV grew by 30%, boosting e-commerce revenue by 45%, while Monee's revenue surged by 58%. However, margins were affected due to increased investments, leading to a decline in Shopee's adjusted EBITDA."
datetime: "2026-05-13T19:53:43.000Z"
locales:
  - [zh-CN](https://longbridge.com/zh-CN/news/286310659.md)
  - [en](https://longbridge.com/en/news/286310659.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/286310659.md)
---

# Sea Posts Q1 Beat On Record Shopee Revenue Growth

Shares of **Sea Ltd** (NYSE:SE**)** were trading lower on Wednesday, after rallying on Tuesday after the company reported upbeat first-quarter results.

The company's strong quarterly results "shifted market perception toward a more balanced investment approach," according to Benchmark.

**The Sea** **Analyst:** Analyst Fawne Jiang reiterated a Buy rating and price target of $140.

**The Sea** **Thesis:** The company reported GAAP revenue of $7.1 billion, up 47% year-on-year, which topped consensus on broad-based strength, Jiang said in the note.

Check out other analyst stock ratings.

He added that:

-   Shopee delivered another record quarter with GMV (gross merchandize value) growth of 30% year-on-year, which drove e-commerce revenue growth of 45%
-   Monee's revenue grew 58% on 71% loan book growth
-   Garena delivered its best performance since 2021, with revenue grew 41% on 20% bookings growth

Margins came under pressure, with Shopee's adjusted EBITDA contracted due to higher investments, while Monee's margins softened on product and market mix, the analyst stated. "However, these investments are beginning to drive operational improvements across fulfillment, VIP, content, and AI, and importantly, group level profitability remained resilient," he further wrote.  

The company reported adjusted EBITDA of $1.0 billion, beating consensus by 11%, Jiang said.

Management maintained Shopee's full-year GMV growth guidance at 25%, implying a deceleration from the first quarter, the analyst stated.

He raised the 2026 revenue growth estimate to 33%, from the prior projection of 28%, while leaving the adjusted EBITDA estimate unchanged at $3.9 billion.

"While the story, particularly on margins, will continue to evolve against a fluid macro backdrop (e.g., fuel price volatility), we believe that with 1Q delivery in hand, the setup now reflects stronger growth visibility and improved confidence in execution across both growth and profitability," Jiang further wrote.

**SE Price Action:** Sea shares were down 2.41% at $93.71 at the time of publication on Wednesday, according to Benzinga Pro data.

**Read Also: Shopee Parent Sea's AI-Fueled Shopping Boom Sparks Massive Stock Rally**

_Photo: T. Schneider / Shutterstock_

### Related Stocks

- [SE.US](https://longbridge.com/en/quote/SE.US.md)

## Related News & Research

- [Sea Shopee CPO Jingye Chen sells Sea common shares worth $140,124.26](https://longbridge.com/en/news/287043784.md)
- [Sea COO Ye Gang sells $1.74 million Sea common shares](https://longbridge.com/en/news/287043758.md)
- [Sea CCO, GC Wang Yanjun disposes 1,600 shares for $140,478.42](https://longbridge.com/en/news/287043793.md)
- [Jingye Chen Sells 800 Shares of SEA (NYSE:SE) Stock](https://longbridge.com/en/news/286761301.md)
- [Yanjun Wang Sells 800 Shares of SEA (NYSE:SE) Stock](https://longbridge.com/en/news/286406184.md)