What drove SE's consistent earnings beat in 2024?

Sea's consistent earnings beat in 2024 can be attributed to several key factors: 1. **Robust Growth in E-commerce**: Shopee, Sea's e-commerce platform, has been a significant driver of growth. The platform's gross merchandise volume (GMV) expanded by 24% year-over-year, surpassing management’s own forecasts. Shopee's continued dominance in e-commerce and its ability to increase merchant commission fees have contributed to improved monetization. 2. **Strong Performance in Digital Financial Services**: Sea's digital financial services segment, SeaMoney, has also contributed to the company's growth. The segment reported a 21.4% year-over-year increase in revenue, driven by loan book growth and active user increases. 3. **Gaming Division Improvement**: Although the gaming division, Garena, has shown mixed results, there has been an encouraging uptick in paying users and engagement. The segment's adjusted EBITDA was up 26.5% year-over-year. 4. **Operational Efficiencies and International Expansion**: Sea has focused on operational efficiencies and international expansion, which have supported growth across its business segments. The company's strategic execution across e-commerce, digital entertainment, and financial services has been a key factor in its improved profitability. 5. **Improved Profitability**: Shopee achieved positive adjusted EBITDA in both Asia and Brazil, indicating improved profitability. The company's financial services segment grew its loan book by 39% and active users by 58%, highlighting an undisputable growth thesis. In summary, Sea's consistent earnings beat in 2024 can be attributed to robust growth in e-commerce, strong performance in digital financial services, improvement in the gaming division, operational efficiencies, international expansion, and improved profitability.