The parent company of the creators of Free Fire ended the first quarter with a loss of $ 580.1 million

The first quarter of 2022 was not very successful for the Singapore Sea. Although it was able to increase revenue by 64% to $2.9 billion, its net losses continued to grow — this quarter the company lost 37% more than a year ago.

If we talk about the gaming direction of the company, then the situation there is also not the best way.

Garena’s quarterly revenue increased by 45% to $1.1 billion, but its receipts (bookings) decreased by 25.8% to $0.8 billion. Adjusted EBITDA fell by 39.9% to $431.4 million.

The number of quarterly active users in Garena games fell by 5% to 615.9 million people. The paying audience decreased by 23% to 61.4 million people. However, specifically Free Fire at the end of the quarter again became the most downloaded mobile game in the world.