Sea Limited American Depositary Shares, each representing one Cl

![Image upload](https://cdn.commonstock.com/288abcf7bf142d82b038b70d33a05bbd548958a56c442f9a24daa8cd66cd98d4-964x964.jpg)

"Is Shopee's revenue growth sustainable or just driven by price increases?"

Hope you enjoy the article

[https://www.thewolfofharcourtstreet.com/p/sea-from-growth-to-profit-to-growth](https://www.thewolfofharcourtstreet.com/p/sea-from-growth-to-profit-to-growth)

Great point here "You can have all of the active users in the world but if the paying users and spend per user move in the wrong direction these active users are worthless." The E-commerce business is going to have to really push for growth that is organic

Joey Hirendernath

Sea Limited (SE) Q2 2023 Earnings Analysis

https://www.thewolfofharcourtstreet.com/p/sea-from-growth-to-profit-to-growth