Just went through Sea Limited's Q4 results and there's an interesting mix here. They missed on earnings per share but the revenue side tells a different story - $6.9 billion beat expectations with 38% year-over-year growth. That's solid momentum.

Shopee is clearly the engine driving this. E-commerce revenues hit $5 billion, up 36% YoY, and they're managing to increase profits across the segment with EBITDA jumping from $152 million to $202 million. GMV hit $36.7 billion with 4 billion gross orders. The company's positioning itself well in Asia and Brazil with aggressive pricing.

Monee's the surprise performer though. Digital financial services revenues surged 54% to $1.1 billion, and consumer loan principal outstanding nearly doubled to $9.2 billion. Credit quality looks solid with NPLs stable at 1.1%. That's where they're really starting to increase profits - the lending business is scaling fast.

Garena held its own with $701 million in revenues, up 35% YoY. They're getting better monetization - paying users up 15% and average bookings per user improved to $1.06 from $0.88. Bookings grew 24% overall.

Operating-wise, adjusted EBITDA came in at $787 million, up 33% YoY. The company's clearly focused on scaling while managing margins. Cash position strengthened to $4.16 billion, and they're still buying back shares. Overall trajectory looks solid - they're finding ways to increase profits across all three segments even as they grow.