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Sea Limited
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==== Most recent year ==== The decreasing trend in Garena's revenues was evident from 2022, as the company saw a 10.25% decrease since 2021. However, there is steep growth both in the e-commerce and digital financial services sectors, which seems to become the company's main focus. There was a modest decrease in sales and marketing expenses (14.64%) but increase in administrative and R&D expenses, which led total operating expenses increasing by 21.79%. Nevertheless, the 33.1% increase in gross profit outweighed the higher operating expenses that led to a 18.86% decrease in the net loss. {| class="wikitable" ! ! colspan="2" |For the fiscal year ended, ! |- ! !2021 !2022 !YOY% |- |Digital Entertainment Revenue ($thousands) |4,320,013 |3,877,163 | -10.25% |- |E-commerce ($thousands) |5,122,959 |7,288,677 |42.27% |- |Digital Financial Services ($thousands) |469,774 |1,221,996 |160.12% |- |Other services ($thousands) |42,444 |61,869 |45.77% |- |'''Total Revenue ($thousands)''' |'''9,955,190''' |'''12,449,705''' |'''25.06%''' |- |'''Gross Profit ($thousands)''' |'''3,895,735''' |'''5,185,277''' |'''33.10%''' |- | colspan="2" |'''Operating expenses''' | | |- |Sales and marketing ($thousands) | -3,829,743 | -3,269,223 | -14.64% |- |General and admin. ($thousands) | -987,868 | -1,437,612 |45.53% |- |Research and development ($thousands) | -831,703 | -1,376,501 |65.50% |- |Other ($thousands) |170,519 | -589,449 | -445.68% |- |'''Total operating expenses ($thousands)''' |'''-5,478,795''' |'''-6,672,785''' |'''21.79%''' |- |'''Net income/loss ($thousands)''' |'''-2,043,030''' |'''-1,657,772''' |'''-18.86%''' |}
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