Singaporean gaming and consumer internet company Sea released its latest financial report on Tuesday, showing that as it expands its business in Latin America, e-commerce revenue will rise to between $8.9 billion and $9.1 billion in 2022, up from $5.1 billion in 2021.
Meanwhile, as the firm’s gaming products face resistance in its key market of India, Sea expects the total revenue of its gaming division to fall between $2.9 billion and $3.1 billion in 2022, down from $4.6 billion last year.
Founded in 2009, Sea operates three major business platforms: Shopee for e-commerce, Garena for online gaming, and SeaMoney for digital finance. Chinese tech giant Tencent said in January that it would cut its stakes in Sea, reducing its voting rights to less than 10%.
Sea’s total revenue doubled to $3.2 billion in the fourth quarter of last year, while net losses expanded from $523.6 million to $617.6 million, mainly because it invested more funds to gain shares in new markets.
Sea said that Shopee will focus on Southeast Asia, Taiwan and Brazil. The platform’s business volume increased by 89% in the fourth quarter last year to reach $1.6 billion.
Moreover, Sea is trying to consolidate its initial success in the Brazilian market. The company launched an online shopping business locally in 2019. However, Sea faces fierce competition from Latin American e-commerce giant MercadoLibre. For the first time, Sea gave a revenue forecast for its financial services arm SeaMoney, projecting a total of between $1.1 billion and $1.3 billion this year.