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Operating Expense Breakdown
Detailed view of core costs such as marketing, fulfillment, R&D, and general administration, showing how Sea allocates spending to grow and defend its businesses. A clear expense breakdown helps judge whether investment is driving profitable growth or simply increasing cash burn.Sea has clearly shifted from cost-paring to aggressive re-investment: Sales & Marketing and G&A have reaccelerated since 2024 as management funds fulfillment, VIP rollouts and marketplace monetization to drive Shopee GMV, explaining the sharp S&M rebound tied to growth guidance. At the same time, provisions for credit losses have climbed with Money’s fast loan‑book expansion, a conservative move that will clip near‑term margins even if NPLs stay low. R&D is steady, implying AI/efficiency work rather than new-product spending; S&M ROI and provision trends will determine margin recovery.
Date | Sales and Marketing | Research and Development | General and Administrative | Goodwill Impairment | Other Operating Income | Provision for Credit Losses |
|---|---|---|---|---|---|---|
Jun 30, 2026 | $1.66B | $314.16M | $394.38M | $0.00 | -$24.26M | $555.15M |
Mar 31, 2026 | $1.41B | $296.67M | $403.83M | $0.00 | -$27.60M | $465.50M |
Dec 31, 2025 | $1.40B | $277.59M | $387.23M | $0.00 | -$27.51M | $393.12M |
Sep 30, 2025 | $1.15B | $286.27M | $340.03M | $0.00 | -$27.02M | $373.82M |
Jun 30, 2025 | $1.01B | $297.43M | $323.34M | $0.00 | -$31.90M | $323.73M |
Mar 31, 2025 | $929.70M | $295.86M | $307.19M | $0.00 | -$34.90M | $281.94M |
Dec 31, 2024 | $1.05B | $301.22M | $366.26M | $0.00 | -$53.26M | $235.76M |
Sep 30, 2024 | $878.56M | $301.99M | $306.75M | $0.00 | -$40.65M | $211.99M |
Jun 30, 2024 | $774.77M | $298.46M | $303.84M | $0.00 | -$42.56M | $167.41M |
Mar 31, 2024 | $769.63M | $304.38M | $290.85M | $0.00 | -$43.98M | $161.77M |