Key facts
- Sea's Q2 revenue reached $7.8 billion, up 48% year-on-year.
- Shopee's e-commerce revenue grew 48.2% to $5.6 billion.
- TikTok Shop is the fastest-growing platform, expanding 66% in 2025.
- Lazada's GMV declined 28% in 2025.
- Shopee holds 59% of the combined GMV for the three platforms.
Singapore-based Sea reported a significant increase in revenue for the April-June quarter, driven by its e-commerce platform Shopee, which saw a 48.2% jump to $5.6 billion. This growth allowed Sea to fend off challenges from competitors like TikTok Shop and Lazada.
Across the Southeast Asian market, Shopee maintained its leading position, holding 59% of the combined gross merchandise volume (GMV) in fiscal year 2025 with consistent, broad-based growth of 18% year-on-year. The company added over $14 billion in GMV during 2025 alone. Shopee's competitive edge is further strengthened by its focus on purchase frequency and habit, alongside operational enhancements like Instant Mart and sub-4-hour delivery, and the increasing use of Shopee-native payment methods.
In contrast, TikTok Shop emerged as the fastest-growing platform, with its GMV expanding 66% in 2025 to capture 31% of the combined GMV, up from 23% the previous year. Its live-selling infrastructure facilitates a direct discovery-to-purchase loop, particularly effective in categories like beauty and personal care.
Lazada experienced a decline of 28% in its GMV in 2025, reducing its share of the combined market to 9% from 16% in 2024. This downturn persisted through the peak fourth quarter and appears to reflect a strategic shift towards LazMall and branded merchants, focusing on higher-ticket items where its brand authentication is valued.