What Sea actually reported
Sea's November 10 release covers the third quarter ended September 30. GAAP revenue was $8.582 billion, up 43.4% from a year earlier; GAAP operating income was $664.2 million, up 39.5%; and GAAP net income was $502.5 million, up 34.0%. These are reported results, not forecasts. The earnings release alone cannot tell us why every buyer or seller moved the shares.
Shopee reported $39.7 billion of gross merchandise value, up 23.3%, and 4.5 billion gross orders, up 25.5%. Its total segment revenue, including goods sales, was $6.070 billion, up 41.3%. Those operating volumes and the accounting revenue measure describe different things; GMV is not Sea's revenue.
Monee total segment revenue was $1.622 billion, up 63.9%. Sea's consolidated provision for credit losses rose to $681.5 million from $373.8 million, an 82.3% increase, while the reported greater-than-90-day nonperforming-loan share of Monee consumer and SME principal was 1.3%, versus 1.1% a year earlier. Sea reported $12.6 billion of consumer and SME loan principal outstanding, including on-book and off-book loans; the rounded on-book and off-book components are $11.2 billion and $1.3 billion. They do not sum exactly to the rounded total. Provision growth and the delinquency ratio deserve separate follow-up; neither alone predicts future losses.
Garena bookings were $890.0 million, up 5.9%, while its GAAP revenue was $840.1 million, up 28.6%. Bookings and revenue are distinct. Sea excluded a $52.0 million deferred-revenue and related-cost effect from its Q3 company-defined adjusted EBITDA, following the definition change it signaled last quarter. Do not compare Q3 adjusted EBITDA mechanically with prior figures calculated on the older definition.
For the nine months ended September 30, Sea reported $4.065 billion of operating cash generated versus $3.548 billion a year earlier. Investing activities used $5.629 billion, primarily including a $4.446 billion increase in credit-business loans receivable and $1.042 billion of property and equipment purchases. These are nine-month cash-flow figures, not Q3-only results; lending growth and operating cash flow follow different statement classifications.
The completed November 9 chart
TradingView NYSE:SE shows a $77.96 regular-session close, up $2.23 (2.94%) from November 6. It remained below its $94.03 50-day and $97.23 200-day simple averages, calculated on completed daily closes. This is historical chart context, not a continuous live quote. A completed daily close above $94.03 and a later daily retest and close above it would make a short-term reclaim more convincing. The longer average is a separate reference, not a target or floor.
What to watch next
The operating question is whether Shopee's order and GMV growth continues while Monee's expanding credit book maintains manageable losses. Later company reports can test that through credit provision, the greater-than-90-day loan ratio, segment income, and cash generation. On the chart, future completed closes relative to the two dated averages will show whether the November 9 weakness repairs or persists. No November 10 premarket price is mixed into the daily chart.
See the November 9 Daily Levels, the Earnings Week board, and Sea vs MercadoLibre Stock vs Stock. Market research only, not a recommendation to buy or sell.
Sources: Sea Q3 2026 company-issued release; TradingView NYSE:SE November 9 daily snapshot.