moneyheap
SE · Analysis updated Nov 10, 2026, 4:45 PM ET
Why is Sea Limited (SE) stock moving?
Sea's Q3 was strong on the top line. Revenue rose 43.4% to $8.6B, above the roughly $8.05B–$8.1B consensus. Net income rose 34% to $502.5M and adjusted EBITDA rose 28.9% to $931M. Shopee had its most profitable quarter, with GMV up 23.3%. Monee revenue grew about 64%, and the board added a $1B buyback. Against that, EPS of $0.78 missed on a GAAP basis. Credit-loss provisions rose 82%, and non-performing loans rose in Brazil and Thailand. Adjusted EBITDA margin slipped to about 10.8% from 12.0%. AI spending and competition from TikTok Shop, Lazada and Shein are adding pressure, and Jefferies cut its target to $142 while keeping a Buy. The price action is the key change from earlier today. Shares opened near $79.75 and spiked to $85.16 after a premarket dip, but sellers faded the rally and the stock closed around $76.80. That is below the $77.96 prior close, on heavy volume of about 18.7M shares, roughly three times the typical daily level. The intraday reversal from a gain of roughly 9% to a small loss is a cautionary signal. The stock remains near its 52-week low of $71.53 and is down about 50% over the past year. Analyst targets of about $138–$148 imply large upside, and valuation looks low at about 15x forward earnings. However, the market is not yet rewarding the beat because of credit quality and margin concerns.
News behind the analysis
- Sea Limited (SE) Reports Q3 Earnings with Strong Revenue Growth Amid Slight EPS MissQ3 revenue was $8.58B, up 43.2%, a $500M beat. GAAP EPS of $0.78 narrowly missed. GMV rose 23.3% to $39.7B.
- Sea's Q3 Earnings and Revenue Rise; Board Approves $1 Billion Share BuybackQ3 EPS was $0.78, up from $0.59 a year earlier. Revenue was $8.58B against a FactSet estimate of $8.08B. The board approved another $1B buyback.
- Sea Limited Stocks Jump 6.83% After Revenue Beat and New $1 Billion BuybackShares reversed an 8.89% premarket slide to trade up 6.83% at $83.29 in the morning. Adjusted EBITDA margin slipped to 10.8% from 12.0%.
- Why Is Sea Limited Stock Falling Tuesday?Competition from TikTok Shop, Lazada and Shein pressured Shopee pricing. Rising AI costs weighed on profitability, and an EPS miss added to the pressure.
- Sea Limited (SE) Stock: Slides Despite Shopee Growth and $502.5M Quarterly ProfitMonee revenue rose 63.9% while credit loss provisions climbed 82.3%. Garena EBITDA rose 45.9%.
- Jefferies cuts Sea stock price target on AI spending, macro concernsJefferies cut its target to $142 from $164 and kept a Buy rating. NPLs rose in Q3 on conditions in Brazil and Thailand.
- SEA LTD-ADR (NYSE:SE) Q3 2026 Beat Overshadowed by Rising Credit-Loss ProvisionsRevenue and non-GAAP EPS of $0.94 beat estimates. Investors focused on the jump in credit-loss provisions and heavier spending.
- Sea Limited Q3: 3 Businesses, 1 Undervalued StockThe author rates the stock a Buy at 15x forward earnings. Risks include macro headwinds, competition and uncertainty over a possible Monee IPO.
- Sea Q3 2026 Earnings Call TranscriptManagement cited record revenue of $8.6B and adjusted EBITDA above $930M. Shopee had its most profitable quarter, and ad revenue grew more than 55%.
- SEA (NYSE:SE) Shares Climb 7.1% - What's Next?Analyst consensus is Moderate Buy with a $137.73 target. The article noted an EPS miss against estimates.
About Sea Limited American Depositary Shares, each representing one Class A Ordinary Share
Sea Limited is a Singapore-based internet company. It runs Shopee, one of Southeast Asia's and Brazil's largest online shopping platforms, along with the digital finance arm Monee and the game developer and publisher Garena. What sets it apart is that it combines e-commerce, consumer lending and payments, and a highly profitable mobile game (Free Fire) in one group focused on emerging markets.
How it makes money
In Q2 2026, total revenue was roughly $7.8 billion, up about 48% from a year earlier. Shopee brought in about $5.6 billion (roughly 70%), mostly from seller transaction fees, advertising and logistics services, plus some direct product sales. Monee brought in about $1.4 billion (roughly 18%), mainly interest and fees from consumer and small-business loans and payments. Garena brought in about $0.75 billion (roughly 10%), mostly from in-game purchases. Garena and Monee have historically produced much of the group's profit, while Shopee's margins are thinner.
What usually moves SE
- Shopee order and GMV growth and ad take rates
- Competition from TikTok Shop, Lazada and Mercado Libre
- Monee loan growth and credit losses
- Free Fire engagement and Garena bookings
- Southeast Asian and Brazilian consumer spending and currencies