ea Ltd (NYSE: SE), which I will refer to as Sea from here on, reported its 2021 third-quarter financial results on 18 November. The parent company of Shopee and Garena saw its total revenue grow 122% year-on-year to US$2.7 billion, while gross profit surged 148% to reach US$1 billion. Here’s how its three segments of e-commerce, digital entertainment, and digital financial services fared. 1. E-commerce

Triple-digit growth

E-commerce revenue surged 134% year on year to US$1.5 billion. This was driven by an 81% increase in gross merchandise value (GMV) to US$16.8 billion and an uptick in the take rate from 6.7% to 8.6%. Forrest Li, CEO and founder of Sea Ltd, said in the earnings conference call that the stronger monetisation was due to growth across value-added services, transaction-based fees, and advertising revenue. I’m keeping my eye on future comments from Sea’s management on advertising revenue as this is...