Sea Limited’s board approved a share repurchase program that can buy back up to US$1 billion of its American Depositary Shares (ADS). The program is designed to be flexible, allowing the company to acquire shares through open‑market purchases, block trades, or private negotiations, depending on market conditions. The move is intended to return capital to shareholders while preserving liquidity for future growth initiatives.
Sea reported Q3 2025 revenue of US$6.0 billion, a 38.3% year‑over‑year increase that beat the consensus estimate of US$5.65 billion by 6.2%. Adjusted earnings per share were US$0.59, missing the Zacks consensus of US$0.75 by 21.3%. The revenue beat was driven by strong demand in the company’s core segments, while the earnings miss reflected higher marketing and operating expenses that offset the revenue growth.
The company’s three main businesses contributed to the results. Shopee’s gross merchandise volume grew over 25% for the full year, and its GAAP revenue rose 36.6% YoY in Q3 2025, reflecting robust e‑commerce activity in Southeast Asia. Monee’s GAAP revenue jumped 60.8% YoY, driven by expanding digital‑finance services. Garena’s bookings increased 51.1% YoY, supported by continued popularity of its gaming titles such as Free Fire.
Management emphasized that all three businesses are now profitable and that the balance sheet is strong, with ample cash reserves and no external debt. CEO Forrest Li noted that the company no longer relies on external capital and that the share repurchase program is a sign of confidence in the company’s valuation and long‑term prospects.
The share repurchase program is expected to increase earnings per share by reducing the number of outstanding shares, thereby enhancing shareholder value. The program also signals that Sea has sufficient liquidity to fund the buyback without compromising its investment in growth initiatives. Investors and market participants viewed the announcement positively, citing the program and the company’s solid financial performance as key drivers of the favorable reaction.
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