Sea Ltd (NYSE:SE), the Singapore-based e-commerce and gaming company stock fell 5.85% (As on Nov 17, 10:34:04 AM UTC-4, Source: Google Finance) after the company posted mixed results for the third quarter of FY 21. Quarterly active users of its digital entertainment products reached 729 million, up 27.4%. It had 93.2 million paying users, up 43%. The company recorded bookings of 1.2 billion dollars, up 29% year-on-year. Adjusted EBITDA grew 22% from last year to reach 715 million dollars. Digital entertainment bookings growth was mainly driven by the increase of the active user base and deepened paying user penetration, as the company continues to engage the community through quality contents and immersive experiences. On e-commerce, the third quarter GAAP revenue of 1.5 billion dollars included GAAP marketplace revenue of 1.2 billion dollars, up 151% year-on-year, and GAAP product revenue of 0.3 billion dollars, up 82% year-on-year.

Meanwhile, at the end of the third quarter, the company had introduced Free Fire MAX globally, to a very strong reception from the community. Free Fire MAX offers an enhanced Free Fire experience through higher quality effects, animations, graphics and features but retaining the same great gameplay. The company has developed proprietary in-house technology to guarantee complete integration between both Free Fire and Free Fire MAX. This also allows existing users of Free Fire to use the same account on Free Fire MAX and sync account data across both apps with access to all game modes. The company is looking forward to a busy calendar of esports events towards the end of the year. Free Fire will be hosting the Free Fire Asia Championship and Free Fire EMEA Invitational at the end of this month. Additionally, the Arena of Valor International Championship will be held in the coming weeks.

SE in the third quarter of FY 21 has reported the adjusted loss per share of 84 cents, missing the analysts’ estimates for the adjusted loss per share of 67 cents. The company had reported the adjusted revenue growth of 122 percent to $2.7 billion in the third quarter of FY 21, beating the analysts’ estimates for revenue of $2.5 billion, according to FactSet Research. The gross profit grew 148% year-on-year to reach 1 billion dollars.

Sea has raised e-commerce guidance for the full year of 2021. It expects e-commerce revenue to be between $5 billion and $5.2 billion, representing 135% growth from 2020 at the midpoint. The previous guidance was $4.7 billion to $4.9 billion.