---
type: "Topics"
locale: "en"
url: "https://longbridge.com/en/topics/40673778.md"
description: "SE 1Q26 First Take: solid print, with both revenue growth and profits beating. The upside was driven mainly by gaming rather than the more closely watched e-com. Details below: Total revenue was ~$7.1bn, up 47% YoY, well above last quarter's pace and street estimates. Adj. EBITDA came in at ~$1.03bn, ~15% above consensus. Not only did it not fall YoY, it set a new quarterly high.Margins were below the record highs of the prior-year quarter. However, they improved sharply QoQ. They are back to the levels of 2Q–3Q last year.Games was the standout. Against a tough comp from last year's Naruto collaboration, the market expected slight bookings softness at best flat; instead bookings rose ~20%, driving a top- and bottom-line beat. Segment Adj. EBITDA was ~$130mn above expectations (+33%).Based on company disclosures and press reports, the beat was driven by another Free Fire tie-up with top IP Jujutsu Kaisen, with engagement on par with the Naruto event. Arena of Valor also posted a solid quarter.E-com performed fine but not stellar. Order volume rose 29% YoY; momentum eased QoQ but remained strong. GMV grew 30.4% YoY, an acceleration, aided by a ~1% YoY uptick in AOV (FX may have helped).E-com segment margin was 0.6% of GMV this quarter, defying guidance for further slippage with a small QoQ rebound. The repair was not above expectations and pressure remains. But it was not as bad as feared.Fin. services was softer. Loan book and revenue growth were above expectations and remained rapid. However, margins fell further QoQ, leaving profit below expectations.GPM continued to improve. The drag came from a near-doubling in S&M QoQ, as the team pushes to sustain high growth. CAC is getting tougher as the business moves into deeper waters.$Sea(SE.US)"
datetime: "2026-05-12T12:17:02.000Z"
locales:
  - [en](https://longbridge.com/en/topics/40673778.md)
  - [zh-CN](https://longbridge.com/zh-CN/topics/40673778.md)
  - [zh-HK](https://longbridge.com/zh-HK/topics/40673778.md)
author: "[Dolphin Research](https://longbridge.com/en/news/dolphin.md)"
---

# SE 1Q26 First Take: solid print, with both revenue…


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