SEA’S latest results paint a picture of great health, with all its business units – from e-commerce to gaming to digital financial services – firing on all cylinders and the group reporting its first profitable year.

But a closer look at the numbers reveals that its digital gaming segment, Garena, has been sputtering for some time.

Digital entertainment revenue in the fourth quarter of 2023 fell 46.2 per cent to US$510.7 million, from US$948.8 million in Q4 2022. The full-year figures reflect a similar slide, with 2023 revenue down 44 per cent to US$2.2 billion, from US$3.9 billion in 2022.