Sea Limited reported strong financial results for the first quarter ending March 31, 2025, with total revenue reaching $41.82 billion, surpassing projections. The company posted a 29.6% year-over-year increase in revenue to $4.84 billion, slightly below estimates of $4.89 billion. Net profit rose to $403 million, a notable improvement from a net loss of $23 million in Q1 2024. E-commerce revenue grew 28.3% year-over-year to $3.5 billion, supported by Shopee's gross merchandise volume (GMV) growth of 21% and an EBITDA margin of 0.9%, which exceeded expectations. SeaMoney, recently rebranded as Monee, saw revenue increase by 58% and adjusted EBITDA by 62%. The company’s advertising revenue grew by more than 50%, contributing to improved monetization. Following these results, several financial institutions upgraded their ratings and price targets for Sea Limited. JPMorgan upgraded the stock to overweight from neutral and raised its price target to $190 from $135, citing strong ecosystem strength and margin expansion potential. Bernstein SocGen increased its price target to $170 from $145, maintaining an outperform rating, while Benchmark raised its price target to $180 from $150, reiterating a buy rating based on e-commerce outperformance, Free Fire momentum, and fintech scaling driving growth prospects for fiscal years 2025 and 2026.