Sea Limited reported second-quarter revenue of US$5.26 billion, a 38.2% year-on-year increase that surpassed analysts’ expectations of about US$5 billion. Net income rose to US$414.2 million from US$79.9 million a year earlier, while GAAP earnings per share improved to US$0.65, though below the Street’s US$0.77 consensus. Growth was led by the company’s e-commerce arm Shopee, where revenue climbed 34% to US$3.8 billion. Gross merchandise value reached a record US$29.8 billion, up 28.2%, on 3.3 billion orders. Management said the momentum positions the platform for further gains in the current quarter. Group adjusted EBITDA nearly doubled to US$829 million, lifting the margin to 15.8%. Chief Executive Officer Forrest Li said all three business units delivered “robust, healthy growth,” giving the company greater confidence in achieving its full-year objectives. Sea’s U.S.-listed shares rose as much as 12% in pre-market trading after the results were released.