$SE Would just like to point out how good of a quarter it was: Shopee GMV +28.4%, gross orders +27.5%, revenue +48.2% Monee revenue +58.9%, still their fastest growing segment Garena bookings +15.5%, revenue +33.5% Importantly, Shopee's revenue growth came from core marketplace (transaction fees / advertising), which was up 65.6%. Value added/logistics revenue down 9.0% Why does that matter? Less shipping subsidy drag = more high margin ad/transaction revenue. Way better kind of growth. Add in that Garena is still a cash machine and Monee's credit quality held up, and the quarter speaks volumes. Loan book grew 62.5% yoy to $11.1B but 90+ day NPLs stayed flat at 1.0% qoq. Margins compressed yes but it's because they're reinvesting and oh yeah, still buying back stock. Nearly 4.7M
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