Shopee CEO Scott Waddell said on Monday that the ecommerce giant’s sales rose to $1.6 billion in the fourth quarter of 2016, a nearly 20 percent jump from the same period in 2015.
Shopee said its total revenues rose more than 50 percent in the quarter, and its adjusted EBITDA, or income before interest, taxes, depreciation and amortization, rose nearly 20 percentage points to $7.4 billion.
Waddell also said that Shopee expects to continue to deliver strong ROI to shareholders as it scales up to become a major retailer, including through increased revenue and share repurchases.
Shopee’s stock surged to $19.69 at the close of trading on Monday, after the company posted a record $9.9 billion revenue, up 18 percent from the fourth-quarter of last year.
Wadduke said Shopee has grown to become the largest ecommerce retailer in the U.S. by revenue, with revenues of $9 billion in 2016, up from $6.8 billion in 2015, and it is on track to grow to $12.4 million in 2017, up 13 percent from 2016.
The company’s earnings per share jumped to $2.75 from $1 per share, which is on pace for a 10 percent year-over-year increase.
Waddenell also touted Shopee as an example of how Amazon can help grow businesses.
“Amazon has a huge opportunity to make more money for its employees by offering great products,” he said.
Waddudek said Shope is working to become an even larger player in ecommerce by bringing Amazon’s platform into the stores and by using the same platform to provide the services customers have come to expect from Shopee.