Sea Limited (NYSE: SE) reached a milestone in 2023 as it delivered its first-ever profitable year. Revenue grew 5% to $13.1 billion, while net income reached $163 million, compared to a net loss of $1.7 billion in 2022.

However, there is a lot happening beneath the surface of these headline figures. After an incredible few years of growth at any cost, mounting losses sent Sea stock plummeting more than 80% from their all-time high in 2022.

Sea's e-commerce segment, Shopee, remains the company's biggest business, and last year, Shopee entered a new chapter of its growth story.

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Source Fool.com