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Laba Shopee Meningkat, Saham Sea Ltd Turun Akibat Persaingan

Laba Shopee Meningkat, Saham Sea Ltd Turun Akibat Persaingan

Laba Shopee melalui induk usahanya Sea Limited memang menunjukkan tren positif secara keseluruhan, tetapi sahamnya sering mengalami tekanan akibat persaingan ketat di sektor e-commerce Asia Tenggara.

Kinerja Keuangan Terkini

Sea Limited mencatat laba bersih kuartal III-2024 melonjak menjadi US$153,3 juta (Rp2,4 triliun), membalikkan rugi US$144 juta tahun sebelumnya, didorong pendapatan Shopee yang naik 42,6% menjadi US$3,2 miliar.

Pada kuartal I-2025, laba bersih lebih kuat di US$410,8 juta dengan pendapatan total US$4,8 miliar (Rp79,5 triliun), naik 29,6% YoY.

Namun, pada November 2025, saham Sea Ltd turun lebih dari 7% meski pendapatan Shopee naik 34,9% YoY menjadi US$4,3 miliar, karena laba di bawah ekspektasi analis.

Penurunan Saham

Laba Shopee Meningkat, Saham Sea Ltd Turun Akibat Persaingan

(foto Saham Sea dari Google Finansial)

Saham Sea sering anjlok pasca-earnings meskipun revenue kuat, seperti penurunan 7% pada 2025 akibat laba Q3 kalah dari prediksi, ditambah biaya pemasaran melonjak untuk pertahanan pasar.

Kasus serupa terjadi sebelumnya: saham longsor 22% pada 2023 setelah rugi bersih Rp2,3 triliun akibat investasi agresif di Shopee.

Investor khawatir biaya operasional tinggi dan EBITDA Shopee yang fluktuatif, seperti rugi USD9,2juta pada Q2-2024.

Faktor Persaingan

Persaingan dari Lazada (Alibaba), TikTok Shop, dan Amazon memaksa Sea tingkatkan pengeluaran iklan, yang tekan margin laba meski GMV Shopee naik 25,2% menjadi US$25,1 miliar pada Q3-2024.

CEO Forrest Li optimis dengan prospek GMV Shopee >25% pada 2025, tapi pasar tetap volatile karena penetrasi e-commerce rendah di ASEAN.

Strategi seperti Shopee Express dan layanan keuangan (Monee) membantu, tapi biaya logistik dan promosi jadi beban utama.

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