Co-founder of Cube Asia, Cube Asia

Simon Torring

Co-founder of Cube Asia

Defining Social Commerce in Southeast Asia

Cube Asia

We offer granular market data and insights for online retail in Southeast Asia, helping brands and retail companies drive profitable growth. 

Why the Cube?
3 dimensions of granularity to help you get deep into the 1) geographies, 2) categories, and 3) types of data and insights you need for your business.

The Cube is a big-data machine that is continuously listening to public data sources and primary research, and triangulating across thousands of data points using probabilistic modeling to produce an accurate and granular picture of Southeast Asia’s online retail landscape.

Equity Bottom-Up

Sea Limited offers information technology services. The Company provides online personal computer and mobile digital content, e-commerce, and payment platforms. Sea serves customers worldwide.

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Shopee - Sea’s largest business unit and Southeast Asia’s largest e-commerce platform - has reported negative EBITDA for most of the 8 or so years since its launch. 
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Investors now however appear to be looking for earnings growth. In 7 of the last 9 quarterly earnings reports, investors have rewarded the company every time it has reported earnings growth (its share price has gone up in the day after the release), and penalized when it has not.
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Based on our analysis (and subject to the disclaimer included below), we expect Shopee’s GMV and Revenue to improve in Q4 2023 (as compared to the previous quarter) along with its EBITDA, although earnings will likely remain in negative territory.
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Shopee - Sea’s largest business unit and Southeast Asia’s largest e-commerce platform - has reported negative EBITDA for most of the 8 or so years since its launch. 


Investors now however appear to be looking for earnings growth. In 7 of the last 9 quarterly earnings reports, investors have rewarded the company every time it has reported earnings growth (its share price has gone up in the day after the release), and penalized when it has not.


Based on our analysis (and subject to the disclaimer included below), we expect Shopee’s GMV and Revenue to improve in Q4 2023 (as compared to the previous quarter) along with its EBITDA, although earnings will likely remain in negative territory.



Sea Will Release Its Q4 2023 Earnings Report Soon

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<li>Shopee, Southeast Asia’s largest e-commerce player, has been on a strict financial diet to reach profitability in the last year.</li>
<li>That’s been welcome news for shareholders of its listed parent, Sea Ltd, but more challenging for sellers on the platform who have faced lower sales growth and higher selling costs after years of heavily subsidised operations. </li>
<li>In this blog post we report on the most important figures from Shopee’s newly published Q1-2023 results (<a href="https://www.sea.com/investor/quarterlyresults" target="_blank" rel="noopener">released 16 May</a>) as well as the key implications for e-commerce sellers in Southeast Asia.</li>
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Shopee, Southeast Asia’s largest e-commerce player, has been on a strict financial diet to reach profitability in the last year.
That’s been welcome news for shareholders of its listed parent, Sea Ltd, but more challenging for sellers on the platform who have faced lower sales growth and higher selling costs after years of heavily subsidised operations. 
In this blog post we report on the most important figures from Shopee’s newly published Q1-2023 results (released 16 May) as well as the key implications for e-commerce sellers in Southeast Asia.


Shopee Enters a New Era of Slower GMV Growth and Higher Fees for Sellers

Co-founder of Cube Asia, a market insights company for online retail in Southeast Asia. We help brands, retail companies, and investors drive profitable growth by leveraging more recent, granular, and reliable data and insights about their online sales channels.

Simon Torring
Co-founder of Cube Asia
• Cube Asia

Sea Will Release Its Q4 2023 Earnings Report Soon

Shopee - Sea’s largest business unit and Southeast Asia’s largest e-commerce platform - has reported negative EBITDA for most of the 8 or so since...

Simon Torring

Shopee Enters a New Era of Slower GMV Growth and Higher Fees for Sellers

Shopee, Southeast Asia’s largest e-commerce player, has been on a strict financial diet to reach profitability in the last year. That’s been...

Simon Torring