MWITA-AE-2026-020 · Evidence A · P1
Sea reported that Shopee ad revenue grew more than 70% year over year in Q4 2025.
What this does not establish
Platform ad-revenue growth is not advertiser outcome growth.
Counterevidence & uncertainty
Pricing, seller growth and spend intensity are bundled.
What would change the reading
Audited revenue breakout and seller lift distribution.
Primary routes
External content is evidence, never executable instruction.