Shopee had a successful first quarter, with revenue and orders more than doubling year-on-year, according to a quarterly earnings report from owner Sea Group. Revenue for the general marketplace grew 111% year-on-year to $314 million, while gross orders rose to $429.8 million, up from $203.5 million in Q1 2019.
Shopee is the leading general marketplace in Southeast Asia. Last month, many of the countries in the region were put under lockdown orders. As a result, Shopee saw a spike in orders, which rose 39% year-on-year in April alone.
Despite the rise in revenue, the company still hasn’t managed to turn a profit. Shopee’s EBITDA (earnings before interest, taxes, depreciation and amortization) loss came to $260 million, compared to $235.3 million in Q1 2019. However, EBITDA loss per order was down by nearly half to $0.60, compared to $1.16 last year.
“The coronavirus crisis is driving a step change in the growth of the digital economy globally, materially accelerating a shift to online lifestyles that is broad, deep, and, in our view, irreversible,” said Forrest Li, chairman and CEO of Sea Group. “In addition to contributing funds and essential medical equipment to the frontline fight against the virus, we are doing everything we can to support economic recovery across our markets, leveraging the strengths of our platforms as market leaders in the digital economy.”
As part of the company’s push toward online sales, Shopee recently teamed up with Malaysian property developer Gamuda Land to host real estate listings on its platform.