RTTNews | Nov 16, 2021 06:56AM EST

06:56 Tuesday, November 16, 2021 (RTTNews.com) - While reporting third-quarter results on Tuesday, Sea Limited (SE) increased the guidance for e-commerce for the full year of 2021. The company now expects GAAP revenue for e-commerce to be between $5.0 billion and $5.2 billion, representing 135.3% growth from 2020 at the midpoint of the revised guidance. The company's prior guidance was between $4.7 billion to $4.9 billion.

Sea Limited also said Chris Feng will be appointed as Group President, effective January 1, 2022. He will continue to operate Sea's Shopee and SeaMoney businesses.

Third quarter net loss excluding share-based compensation was $448.01 million or $0.84 per share compared to a loss of $346.05 million or $0.69 per share, previous year. On average, seven analysts polled by Thomson Reuters expected the company to report a loss per share of $0.65, for the quarter. Analysts' estimates typically exclude special items.

Revenue was $2.69 billion compared to $1.21 billion, prior year, an increase of 121.8%. Analysts on average had estimated $2.46 billion in revenue.

E-commerce and other services revenue increased by 167.6% to $1.3 billion from $489.5 million, prior year. The company said this increase was primarily driven by the growth in the scale of e-commerce marketplace and the increase in value-added services revenue.

Digital Entertainment revenue increased by 93.2% to $1.1 billion. The company said this increase was primarily due to the increase in active user base as well as the deepened paying user penetration.

The company noted that Free Fire continued to be the highest grossing mobile game in Southeast Asia, Latin America and India for the third quarter of 2021.

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