Singapores Sea Limited posts first profitable year amid efforts to defend market share against Lazada, TikTok
Summary
Southeast Asian tech giant Sea Limited on Monday posted its first profitable year amid efforts to defend market share against Alibaba -owned Lazada and TikTok. Sea operates in Southeast Asian markets and has businesses in e-commerce (Shopee), financial services (SeaMoney) and gaming (Garena). "We have emerged with a much stronger balance sheet with our cash position increasing to 8.5 billion dollars as of the end of 2023, demonstrating the discipline and prudence we have applied in our investments over the past year," said Li. Seas e-commerce arm Shopee made a "meaningful gain in market share" in 2023 despite "intensified competition in Southeast Asia," the firm said on Monday. Shopee faces stiff competition from players like Alibaba -owned Lazada and Indonesias Tokopedia in the region.