Investing.com -- Sea Limited (NYSE: SE) reported first-quarter results that exceeded revenue expectations while earnings fell short of analyst estimates, with shares rising 5.4% following the announcement.

The Singapore-based technology conglomerate posted adjusted earnings per share of $0.67, missing the analyst consensus of $0.76 by $0.09. However, revenue reached $7.1 billion, surpassing the $6.45 billion estimate and marking a 46.6% increase from $4.8 billion in the same quarter last year.

CEO Forrest Li attributed the strong revenue growth to strategic investments aimed at deepening competitive advantages while maintaining financial discipline.

The company's e-commerce platform Shopee delivered record performance with gross merchandise value of $37.3 billion, up 30.2% YoY, while revenue increased 44.4% to $4.5 billion. However, Shopee's adjusted EBITDA declined to $223.2 million from $264.4 million in the prior-year quarter.

Li confirmed the company remains on track to grow Shopee's annual GMV by approximately 25% YoY, with full-year adjusted EBITDA expected to be no lower than 2025 levels in absolute dollar terms.

Monee, the digital financial services arm, saw revenue surge 57.8% to $1.2 billion, with adjusted EBITDA rising 14% to $275.2 million. Consumer and SME loans principal outstanding grew 71.3% YoY to $9.9 billion, while non-performing loans remained stable at 1.1% of total loans.

Gaming division Garena reported its strongest quarter since 2021, with bookings up 20.1% to $931.4 million and revenue climbing 40.6% to $696.6 million. Adjusted EBITDA increased 25.2% to $573.6 million, driven by continued strength in Free Fire and record contributions from Arena of Valor.

Net income for the quarter rose 6.7% to $438.2 million, while total adjusted EBITDA increased 9.3% to $1.0 billion.