Garena Reports Financial Results for 2020

Sea Limited, a New York Stock Exchange (NYSE) listed Singapore-based company and parent company of the Free Fire publisher Garena, reported its financial results for the fourth quarter and the full year of 2020. The company generated net revenues of $1.57B USD during the three months period ended Dec. 31, 2020, and net revenues of $4.38B for the full fiscal year 2020. 

During the fourth quarter period, Sea’s digital entertainment segment generated net revenues of $693.4M, up 71.6% year-over-year. The increase in revenues was primarily driven by Garena’s increase in quarterly active users (QUAs), which were up 72.1% to 610.6M compared to the same period of 2019. Simultaneously, Garena’s paying users grew by 119.5% year-over-year to 73.1M, representing 12% of Garena’s total user base.

According to Garena, Free Fire was the most downloaded mobile game in the world in 2020. Also, Free Fire secured its position for the sixth consecutive quarter as the highest-grossing mobile game of Q4 and full year of 2020 in South America and Southeast Asia.

While Sea’s revenues doubled year-over-year in both the fourth quarter of 2020 and the full year, the company still reported a net loss at the end of both periods. Sea reported a net loss of $524.6M for Q4 and a net loss of $1.62B for the full year 2020.

You can access the full report from Sea Limited through this link.

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