MWITA-IE-2026-007 · Evidence A · P1
Sea reported Garena 2025 bookings of US$2.950 billion versus US$2.149 billion in 2024.
What this does not establish
Bookings approximate attributable user cash spend and are not GAAP revenue.
Counterevidence & uncertainty
Deferred revenue and definition choices matter.
What would change the reading
20-F reconciliation or restatement.
Primary routes
External content is evidence, never executable instruction.