further businesses long-term few also competitiveness. efficiency strengthening made a everyone, these will highlights I'm plans an objectives. us progress towards on going we on today. thank share across to and for to with all for update I profitability steady our joining ecosystem Hello, start as our our and and you focus
lockdown, consumption we businesses to pandemic our services. rapidly demand online and to for the rising fast scaled market During answer the
while market and setting improving were able addressable execution. right at expanded by time a to adaptable businesses As thing growth total results in our the achieve our being result, and We our strengthened right doing agile the these leadership, the market we significantly and and on our efficiency. redirection focusing in
more rising more Now crucial thing our the We and to in business. of rates, adaptable US we time success at long-term this defensibility reopening profitability unprecedented and depreciation trends. long-term our interest this uncertainty, even of currency local right dollar to with are an environment, the on rising the being the do against and is to increased inflation, macro believe self-sufficiency, is environment ongoing in In even agile operations. business focus
up for the results in particular, driven combined by second effort. per adjusted in allocation loss success Our unique execution costs the efficiency our our Asian early the Shopee's strong markets. Because economics this improved quarter quarter before EBITDA of fluctuations. of order $X.XX. before across our despite At than HQ In we significantly, rates, less year-over-year of adjusted XX% gains for revenue at demonstrate market grow XX% with comparison, to same allocation on are the track positive time, continued year-on-year, And healthy tough adjusting this region. HQ to or year-on-year the was Shopee cost GAAP currency in achieving EBITDA
retention experiences. positive stable active engaging result more our was our This were through For to community outcome around efforts Garena, games users quarterly of a large user quarter-on-quarter. serve
SeaMoney’s we Latin existing products Close across quarter. during its continue continued America the Indeed, base buyers retaining SeaMoney enjoyed has franchises, based used encouraged mobile we to the or especially expanded, by Asia game during and in quarter continue Shopee’s services Fire top-ranking and Free highest user SeaMoney strong in are Free Asia narrow loss Fire. data.ai. engagement quarterly Synergies also focus to adjusted and to grossing Shopee EBITDA underserved also quarter. cross-sell position the markets. active on user Southeast its the Southeast XX% as to between growth will We has our and on products more our to revenue services around the financial during more of as
solid revenue was the year-on-year, Gross last our GAAP $X.X from across the grew for year reach in businesses, the billion, With group XX% to billion performance $X.X XX% profit quarter. up second quarter.
driven growing points. billion, $X reach metrics, more each XX% sellers and In evidenced last the leadership active same period. to e-commerce. as second grew by rates to beginning four and continued year, as year-on-year $XX as revenue financial XX% discuss Shopee’s with XX% reach $X.X now continues impacted Let’s billion. close operational GAAP Gross more year-on-year segment billion, to record fluctuations than and to currency revenue our marketplace GMV GMV grew user up XX% from buyers markets, were the negatively percentage business The Shopee GAAP over and both growth by year-on-year across appeal by engagement in revenue, orders metrics. quarter, GAAP well and to
us drove also to the Across into investing in further on improvements positive results. financial more continue value as during more we growth sellers. pursue platform. translate are to our We sellers to with efforts quarter, delivered our board, the monetization These
high like underscores For from by which the The our and platform of a marketplace of transaction-based period, success in increased driving revenue economics sellers. GAAP the was both fees year-on-year increases advertising, X.X%. quarter-on-quarter percentage driven increase for streams, our and revenue to margin greater GMV total as reach mainly
allocation year-on-year, to allocation last monetization In improve also a in Southeast profitability. with to bottom contributing quarter-on-quarter. fall through gross market XXX% towards year-on-year. also directly XX% EBITDA EBITDA in In As before less Moreover, costs there $X.XX, adjusted order market there for the revenue track cost which Asian time, combined. quarter-on-quarter. sequentially adjusted the than cost before we loss Shopee by HQ was than adjusted while and XX% HQ was was more GAAP profit well better for by the line that grew Shopee second our adjusted rapidly. on Asia continued and is positive loss of per of towards the result, shows in $X.XX, before quarter, efficiencies, to are greater improving better revenue Taiwan, the the order quarter, grew overall Brazil, the from achieving At margins strong EBITDA improved gross HQ quarter. same close EBITDA sequentially allocation Shopee's growing loss per The driving
We spend costs. around optimizing also are our HQ
server in increases for increase compared expanded as by During staff, the service Shopee by our costs, to and costs we deceleration represents driven technological last the hosting development offerings. capabilities in HQ cost quarter, total million $XX quarter-on-quarter an and a increased and research This quarter.
to to products, the in been plan and on Meanwhile, average further invest team able prudent to period significantly we achieve and in in spending our expanding strengthen While according our In data.ai. monthly globally we ranking in will have users Shopee continue second the our enhance past and to team. quarter, globally be to ranked the continued second active first app, Shopee the shopping by top Google region. total time by category Play, to
in the and position further first sellers. at app are also in and with consumers, total support average time the ranked users category Shopee top category by average the closely our Indonesia remained the shopping each Brazil, quarter, in quarter. Besides for spent strengthened app Southeast In working to to by shopping the time Asia, app we our we monthly of in second total by Taiwan. leading also during monthly We first while active spending continuing ranked ranking engaging active users
Across master for We in key us. remains This been our area merchants especially training platform, them local including empower focus and a providing have through continue and classes tools of to and seller helpful our resources better the the entrepreneurs University education to to addition and Shopee MSME. services. Shopee
greater their with closer Staying sellers and to customers. growing partners are brand with and our Shopee We enable to enabled engagement mall has our thrive to together also collaborating them. in with Shopee close grow on collaboration
that the been our estimate classes for Brazilian For of Center. has brought example, This driven main entrepreneurs behind XXX,XXX partly Education by XXX,XXX entrepreneurs become digital more investments the source at training over to in with than income Shopee e-commerce. attending Shopee XX,XXX has sellers sellers has Brazil, and local new our we
Now macro decision and by Shopee the I for discuss to volatile driven would our unpredictable highly suspend revenue to guidance full environment. year like the
we to prioritize growth the thing of improving think heightened continuing lockdown with efficiency, the volatility to and this prioritize we during earlier, macro do was As right while to pandemic is thing shared right efficiency the time to think do in self-sufficiency.
is about sprints. match As rather our we have businesses important. the pace highly maintained, to managing therefore as we always marathons think moment Adjusting like more our than
to navigate changing long us Our times help ability win race this ultimately. will
we believe with efficiency time business maximize shifts, factors Given be various predict believe of at our our ill-advised coupled it to the mentioned on we our over-committing as hard rather than which are that uncertainty. across macro is to prudent before, focus this would strategic
year provided we full we such, the our remains deepening for optimizing As in monetization the we structure. providing rest is focus our have efficiency stopped guidance to and which for guidance, very Shopee, suspending continue year which of May. the improve to clear, by though both are Even last cost
high our expenses a income on as increasing costs, streams margin various monetization such and We will with across operating the be more tightly costs logistics focus while managing gradually marketing ones. also
long-term focuses markets. that macro capture our Current More positive continue highly strong across the in disproportionately us potential in growth. are change positioning growth opportunities. that our long-term with the the positive record us best some do not want the macro our opportunities our with The the not outlook macro to demonstrated region. track not directed operational the all industry importantly, decisions I benefit remain digitalization. position of volatility believe at our of strategic for uncertainties market the We long-term and current And also does industry and largest fact internet to current consumer demographic to allow highest our uncertainties leadership the to in areas these deepening from capturing today will emphasize our long-term do affect markets world, some features change
user were digital shows Free mobile position during to that with was was XXX to users bookings to well revenue million on active In perform mobile mobile highest during within is encouraging the continued active stabilization It quarter, quarter Fire Fire Latin reaching early also million quarterly quarter. quarters. second Free Moreover, signs globally Free see leading most the entertainment. Turning downloaded in $XXX game to and XX XXX the and Garena’s Fire industry. in America game grossing the based this of data.ai. second compared Southeast million fourth maintaining game for the remained consecutive quarter, million. the some $XXX It Asia the GAAP
focus fresh franchise user and in content engagement platform to of We a new ensuring on investing Free and consistent communities. for continue around cycle Fire our
communities with example, second local we Ramadan quarter. in our celebrated As the an
This gatherings. Ramadan, localized During highly local us local community we our celebrities hosted enjoy season. game more during items number introduced a worked and engage Ramadan better users strong with efforts and monetization allowed the of to
a game mode is the also other introduced Wolf, game content reopening. the mode. for game we game experiences, retention are especially battle a diversify highly Besides gamers with being which modes entertainment around on form and which these and shorter XvX New Lone the available enjoy or gamers, solid and being like fast-paced fragmented time XvX Squad helped preferred by have experiences mode, also Free Fire can social more seeing our engagement is XvX platform. which is are that some game and more modes as engaging Alongside in Clash royale increasingly of modes long-lasting are the to
due the are highly short-term gaming the from industry reopening as of volatility, structural long-term we macro trends, tailwinds in While uncertain relatively segment. impact confident remain as trends potential the to well
where is this entertainment markets runway our to even apparent are expect more growth for substantial. we positioned across be the digital and well We
We of also the sustained to expect this life platforms. long-term franchises span existing and support our
year. and our the revenue services business. XX the expand, and close $XXX revenue an products last SeaMoney for SeaMoney’s the digital across active SeaMoney quarter, to Shopee users Lastly, from increase GAAP across between to the second growing both our value million, Quarterly was ecosystem. continued and million, services of XX% XXX% quarter financial reached In synergies driving year-on-year.
Our healthily quarter. at during to billion total volume also grew the reach $X.X payment XX% mobile wallet year-on-year
adoption across across portfolio Shopee our growing and stronger the greater and With efficiency of of financial SeaMoney our ecosystem, products we platforms. services driving are
navigate the accrued. our an financial environment our more adjusted increasingly around as for still At markets well the for and build we such, to with losses positioned closely long-term. thoughtful, quarter-on-quarter. same has ecosystem As local And of is to time, our digital sustainable we are and disciplined relationships stakeholders environment, other A services. insights partners strong prudent, EBITDA the largest and working in serve a markets only the healthy with grown. have direct closing, population are to improve continued uncertain In and we need to SeaMoney’s the underserved we our products significant through and be us market segment
ample have for profitability self-sufficiency, on current business, nevertheless environment, volatile long-term and these resources as flow believe, management. we we While will cash the a are sustained we in areas, achieve rapidly up be to key focus business our this In success. setting prioritizing
ability our We during are to business our supported achieve period by that positions will execute to our proven leadership scale, confident also this and be objectives models. further
track clear commitments to articulated have on achieving We them. are and well
to that, our will optimistic of potential about also highly We markets Tony are be discuss financials. the addressing. to With long-term continue we and the opportunities I invite
