← Sea overview

Sea vs eBay: why the prices moved differently

Weekly · monthly · quarterly news summaries, side by side in time

Sea Ltd (SE)

Q3 2026
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Sea Ltd Q3 2026: Strong Growth, Amazon Retreat, But Spending and Insider Sales Weigh

  • Strong Q2 results and growth Sea's Q2 revenue jumped 48% to $7.8B, net income reached $458M, Shopee's gross merchandise value grew 28%, and Monee's loan book expanded 62%, showing broad-based momentum.

    This is the core positive fundamental driver for the quarter.

  • Amazon's ASEAN retreat and Oaktree stake Amazon pulled back from Southeast Asia, strengthening Shopee's dominance, while Oaktree's $60.9M stake signaled value-investor confidence in Sea's prospects.

    These events improved Sea's competitive position and investor sentiment.

  • Heavy spending pressures profits Q2 EPS missed at $0.86 as heavy AI and expansion spending cut Shopee's adjusted EBITDA to $223.2M, raising concerns about profitability.

    This is a key negative factor that weighed on the stock.

  • Insider sales and high valuation Insiders including the CEO, COO, and Garena's president sold shares, mostly pre-planned but still a confidence concern. Analysts cut profit forecasts, and Sea trades near 33x forward earnings, leaving little room for error.

    These factors created overhang and valuation risk.

August 2026
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Sea's business surges while insiders cash out and a value giant buys in

  • Amazon retreats, Shopee dominates ASEAN Amazon is pulling back its retail operations in Southeast Asia after its regional e-commerce share fell below 0.3%, while Shopee's gross merchandise value is in the tens of billions of dollars. Less competition from a global giant strengthens Shopee's grip on its home market, supporting Sea's revenue and profit.

    Amazon's retreat removes a deep-pocketed rival and confirms Shopee's dominance, a real force behind Sea's value.

  • Oaktree takes a $60.9 million stake Billionaire Howard Marks' Oaktree Capital disclosed a new roughly $60.9 million position in Sea, a well-known value investor endorsing the stock after it fell about 30% over the past year. That kind of buyer can draw other long-term investors in, lifting demand for the shares.

    A prominent value investor buying is a fresh demand signal that can shift sentiment toward Sea.

  • Insider selling wave, including the CEO The CEO sold about 1.1 million shares for $137.3 million, and the COO, a director and Garena's president also sold. Most were pre-planned under Rule 10b5-1, so they are scheduled sales, not panic — but heavy insider selling can still weigh on investor confidence.

    Large insider sales are a visible counterweight to the good operating news and can pressure the stock.

  • Strong results, but high expectations priced in Second-quarter revenue rose 48% to $7.8 billion, with Shopee, Monee and Garena all growing. Yet analysts cut profit forecasts and flagged a bearish rating before results, and the stock trades near 33 times forward earnings — rich versus peers, so any stumble gets punished.

    It captures both the strong underlying growth and the valuation/earnings-expectation risk that can move Sea either way.

Latest
▲2▼1

Sea's business surges while insiders cash out and a value giant buys in

  • Amazon retreats, Shopee dominates ASEAN Amazon is pulling back its retail operations in Southeast Asia after its regional e-commerce share fell below 0.3%, while Shopee's gross merchandise value is in the tens of billions of dollars. Less competition from a global giant strengthens Shopee's grip on its home market, supporting Sea's revenue and profit.

    Amazon's retreat removes a deep-pocketed rival and confirms Shopee's dominance, a real force behind Sea's value.

  • Oaktree takes a $60.9 million stake Billionaire Howard Marks' Oaktree Capital disclosed a new roughly $60.9 million position in Sea, a well-known value investor endorsing the stock after it fell about 30% over the past year. That kind of buyer can draw other long-term investors in, lifting demand for the shares.

    A prominent value investor buying is a fresh demand signal that can shift sentiment toward Sea.

  • Insider selling wave, including the CEO The CEO sold about 1.1 million shares for $137.3 million, and the COO, a director and Garena's president also sold. Most were pre-planned under Rule 10b5-1, so they are scheduled sales, not panic — but heavy insider selling can still weigh on investor confidence.

    Large insider sales are a visible counterweight to the good operating news and can pressure the stock.

  • Strong results, but high expectations priced in Second-quarter revenue rose 48% to $7.8 billion, with Shopee, Monee and Garena all growing. Yet analysts cut profit forecasts and flagged a bearish rating before results, and the stock trades near 33 times forward earnings — rich versus peers, so any stumble gets punished.

    It captures both the strong underlying growth and the valuation/earnings-expectation risk that can move Sea either way.

July 2026
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Sea's AI Push and Strong Q2 Revenue Drive Growth, but Spending Weighs on Profit

  • Q2 revenue surges 48% to $7.8B, net income $458M Sea reported Q2 2026 revenue of $7.8 billion, up 48% year on year, with net income of $458 million. Shopee's gross merchandise value rose 28% to $38.3 billion, and Monee's loan book grew 62%. This strong top-line growth and profitability reassure investors about Sea's expansion.

    This is the latest earnings result, a major new event that directly shows Sea's financial health and growth trajectory.

  • Q2 EPS misses at $0.86 despite revenue beat While revenue beat expectations, earnings per share came in at $0.86, below forecasts. Higher spending, especially on AI and expansion, pressured profitability. This mixed result may cause some investor caution, but the revenue beat and reaffirmed EBITDA target provide support.

    This is a key new earnings detail that explains the mixed market reaction and highlights the cost of growth.

  • Sea partners with OpenAI to integrate AI across Shopee Sea announced a strategic partnership with OpenAI to bring AI tools to Shopee, including ChatGPT product discovery and seller tools. This could enhance user engagement and operational efficiency, but also drove higher AI-related spending that reduced Shopee's adjusted EBITDA to $223.2 million from $264.4 million a year earlier.

    This is a new major partnership that could shape Sea's competitive position and future growth, while also explaining the profit pressure.

  • Visa and ShopeePay launch Payment Passkey in Thailand Visa and ShopeePay launched Payment Passkey in Thailand, enabling instant payments via face or fingerprint scan. This enhances security and convenience on Shopee, likely boosting user adoption and transaction volume. It strengthens ShopeePay's ecosystem and could drive more digital financial services growth.

    This is a new product launch that expands Sea's fintech offerings and could increase user engagement and transaction volume.

▲3

Sea's AI Push and Strong Q2 Revenue Drive Growth, but Spending Weighs on Profit

  • Q2 revenue surges 48% to $7.8B, net income $458M Sea reported Q2 2026 revenue of $7.8 billion, up 48% year on year, with net income of $458 million. Shopee's gross merchandise value rose 28% to $38.3 billion, and Monee's loan book grew 62%. This strong top-line growth and profitability reassure investors about Sea's expansion.

    This is the latest earnings result, a major new event that directly shows Sea's financial health and growth trajectory.

  • Q2 EPS misses at $0.86 despite revenue beat While revenue beat expectations, earnings per share came in at $0.86, below forecasts. Higher spending, especially on AI and expansion, pressured profitability. This mixed result may cause some investor caution, but the revenue beat and reaffirmed EBITDA target provide support.

    This is a key new earnings detail that explains the mixed market reaction and highlights the cost of growth.

  • Sea partners with OpenAI to integrate AI across Shopee Sea announced a strategic partnership with OpenAI to bring AI tools to Shopee, including ChatGPT product discovery and seller tools. This could enhance user engagement and operational efficiency, but also drove higher AI-related spending that reduced Shopee's adjusted EBITDA to $223.2 million from $264.4 million a year earlier.

    This is a new major partnership that could shape Sea's competitive position and future growth, while also explaining the profit pressure.

  • Visa and ShopeePay launch Payment Passkey in Thailand Visa and ShopeePay launched Payment Passkey in Thailand, enabling instant payments via face or fingerprint scan. This enhances security and convenience on Shopee, likely boosting user adoption and transaction volume. It strengthens ShopeePay's ecosystem and could drive more digital financial services growth.

    This is a new product launch that expands Sea's fintech offerings and could increase user engagement and transaction volume.

eBay Inc (EBAY)

Q3 2026
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eBay Surges on UK Fee-Free Test, Resale Growth, and Depop Deal

  • UK Fee-Free Experiment Drives Stock Surge eBay's UK fee-free experiment drove a 52% stock surge, signaling a major strategic shift that could boost seller activity and buyer demand.

    This was the primary catalyst for the stock's strong performance in Q3.

  • Strong Q2 Earnings and Depop Acquisition Clearance Q2 revenue rose 15% to $3.13B with net income up 51%, and regulators cleared the $1.2B Depop acquisition, reinforcing growth prospects.

    These financial results and regulatory approval provided fundamental support for the stock.

  • Resale Growth Accelerates eBay Live volume rose 8x, with collectibles and fashion exceeding 70% of sales and growing over 20% annually, highlighting strong momentum in high-margin categories.

    This demonstrates eBay's successful focus on resale and live commerce, driving future growth.

  • GameStop Hostile Bid Creates Uncertainty GameStop's hostile bid created board uncertainty before fading, removing a takeover premium and risking a pullback, though GameStop retains a $4.9B stake.

    This event introduced volatility and potential downside risk to the stock.

August 2026
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GameStop bid fades, but eBay's resale growth engines accelerate

  • GameStop buyout bid fades GameStop's $56B hostile bid is fading as CEO Ryan Cohen considers a partnership instead, removing the takeover premium that had lifted eBay shares and risking a pullback.

    This is the biggest new event, directly affecting eBay's price by removing a takeover premium.

  • GameStop still holds big stake GameStop still owns a $4.9B eBay stake, making it the second-largest shareholder, which signals confidence in eBay's future even as the buyout bid fades.

    This counterbalances the negative bid news and shows continued investor confidence.

  • Depop acquisition and resale growth eBay acquired Depop from Etsy, expanding in resale fashion. eBay Live volume rose about 8x, and collectibles and fashion now exceed 70% of sales, growing over 20% annually.

    These are new growth drivers that strengthen eBay's core resale business.

  • Q2 beat but stock fell; airbag ban eBay beat Q2 estimates but the stock fell on worries about durability and competition. eBay also banned airbags after counterfeit parts appeared, a small volume negative but reducing liability.

    This shows mixed signals: strong results but market skepticism, plus a regulatory action.

Latest
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eBay's resale and live-shopping bets grow as takeover premium fades

  • Live shopping and resale categories are eBay's real growth engine eBay Live's sales volume jumped about 8 times from a year ago, and sellers who stream sell roughly 3 times more. Collectibles and fashion now make up over 70% of sales and are growing more than 20% a year. This is the core reason eBay can keep growing even without a takeover.

    It shows the underlying business demand that supports eBay's value beyond deal speculation.

  • eBay keeps investing in fashion and Depop to reach younger buyers eBay named a new global head of fashion to run its luxury and non-luxury clothing business and work closely with Depop, the secondhand fashion site it bought from Etsy. This builds on the resale push that management says is driving growth, a positive for long-term revenue.

    It shows concrete follow-through on the Depop acquisition and fashion strategy that earlier reports flagged.

  • Q2 beat wasn't enough; stock fell on growth and competition worries eBay beat revenue and profit estimates but the stock dropped from $111.15 to $106.31 as analysts questioned how long the growth can last and how much competition is coming from other consumer-to-consumer platforms. A beat that still sells off shows investors want more proof the growth is durable.

    It captures the market's skeptical reaction to eBay's results and the key risks analysts raised.

  • eBay bans airbag listings after counterfeit parts expose safety gaps eBay banned airbags and inflators after dangerous counterfeit parts were found on its marketplace. The ban removes some automotive parts sales but cuts liability and refund risk. It is a small negative for volume and a small positive for safety and legal exposure.

    It is a new regulatory and safety action that affects eBay's marketplace operations and risk profile.

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GameStop's eBay stake grows, but takeover bid fades

  • GameStop may drop its $56B eBay bid GameStop CEO Ryan Cohen is considering withdrawing his $56 billion buyout offer for eBay, possibly seeking a partnership or joint venture instead. Without a takeover bid, eBay loses the buyout premium that had lifted its stock, so the shares could fall back toward where they traded before the offer.

    This is the key new event that removes the takeover premium supporting eBay's price.

  • eBay buys Etsy's Depop, expanding its marketplace eBay acquired Depop from Etsy, adding a popular secondhand fashion marketplace to its portfolio. This grows eBay's reach in resale and could boost long-term revenue and user growth, a positive for the stock even though the price paid wasn't disclosed.

    This is a new strategic acquisition that directly affects eBay's business and growth outlook.

  • GameStop's $4.9B eBay stake signals confidence GameStop disclosed it owns about 43.4 million eBay shares worth roughly $4.9 billion, making it eBay's second-largest shareholder. That large, committed stake shows strong outside belief in eBay's value and could support the stock by reducing the number of shares available to trade.

    This new disclosure highlights a major shareholder's confidence and potential support for eBay's stock.

  • Cohen buys more GameStop stock, not eBay Ryan Cohen spent $26.4 million buying more GameStop shares, raising his personal stake past 40 million shares. This suggests his focus is shifting back to GameStop rather than pursuing eBay, making it less likely he'll raise his eBay offer and weakening the takeover premium in eBay's stock.

    This new insider buying shows Cohen's priorities may be moving away from an eBay deal.

July 2026
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eBay's UK fee-free push and Depop win offset by GameStop, Meta threats

  • UK fee-free experiment drives 52% stock surge eBay's UK test of scrapping selling fees for casual sellers sent the stock up 52%, showing its consumer-to-consumer turnaround is working and boosting investor confidence.

    This is the biggest positive force behind eBay's price move in the period.

  • Q2 beat and UK clears Depop deal Q2 revenue rose 15% to $3.13B and net income jumped 51%, beating estimates, while UK regulators cleared the $1.2B Depop acquisition, supporting growth plans.

    Strong earnings and a cleared acquisition are key positive drivers for the stock.

  • GameStop stake and hostile bid create uncertainty GameStop built a roughly 10% stake and made a $125-per-share hostile bid, creating board uncertainty, though Wedbush doubts it succeeds. This weighs on the stock.

    This is a major new risk factor that pressured eBay's price during the period.

  • Meta Seller app and Icahn campaign add pressure Meta's new Seller app threatens eBay's high-margin professional sellers, Wells Fargo downgraded the stock on Depop's 2027 earnings drag, and Carl Icahn is pushing for a PayPal spin-off and board seats.

    These competitive and activist pressures are new negative forces on eBay's outlook.

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eBay's strong Q2 offset by Meta competition and activist pressure

  • Meta's Seller App Threatens eBay's Core Sellers Meta launched a Seller app for Facebook Marketplace, directly targeting eBay's professional sellers with lower fees and AI tools. This threatens eBay's high-margin seller base, pushing the stock down as investors worry about losing market share.

    This new competitive threat directly pressures eBay's core business and was a key driver of the stock's decline this period.

  • Wells Fargo Downgrade on Depop Costs Wells Fargo downgraded eBay to underweight, citing the Depop acquisition will weaken 2027 earnings and require higher marketing spend. This adds to concerns that defending against rivals like Vinted will hurt profits, weighing on the stock.

    The downgrade reflects real concerns about profitability and was a direct catalyst for the stock's drop.

  • Strong Q2 Results and Upbeat Q3 Guidance eBay reported 15% revenue growth to $3.13 billion and 51% higher net income, beating estimates. Q3 revenue guidance also topped expectations, driven by demand for luxury, collectibles, and refurbished goods. This shows the core business is healthy and growing.

    The strong financial performance and guidance are key positives that support the stock's value.

  • Carl Icahn's Activist Campaign Carl Icahn is demanding a PayPal spin-off and board seats, alleging conflicts of interest. This creates uncertainty about eBay's strategy and leadership, which could distract management and unsettle investors.

    Activist pressure introduces strategic uncertainty that can negatively impact investor sentiment.

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GameStop's eBay stake grows, but UK clears Depop and C2C strategy shines

  • GameStop's creeping stake and hostile bid GameStop now owns nearly 10% of eBay and is pushing a $125-per-share hostile bid. This creates uncertainty for eBay's board and shareholders, as a proxy fight or tender offer could disrupt management and distract from operations.

    This is the main source of uncertainty and potential downside for eBay's stock.

  • UK C2C experiment drives 52% stock surge eBay's UK experiment eliminating selling fees for casual sellers led to double-digit growth in consumer-to-consumer sales. This validates eBay's turnaround strategy and shows it can grow profitably, boosting investor confidence.

    This is a major positive catalyst that directly supports eBay's standalone growth story.

  • UK regulator clears $1.2B Depop acquisition The UK competition watchdog approved eBay's purchase of fashion resale platform Depop. This removes a regulatory hurdle and supports eBay's strategy to attract younger shoppers and strengthen its resale fashion business.

    This is a new positive development that advances eBay's growth strategy.

  • Analyst skeptical on GameStop bid, sees eBay reasonably valued Wedbush doubts GameStop's bid will succeed due to a financing gap, noting eBay trades below the offer price. The analyst views eBay as reasonably valued on its own but warns of downside if GameStop walks away.

    This provides a balanced view on the takeover situation and eBay's standalone value.