Sea Limited (NYSE: SE) reached a new height in 2023 as it delivered its first-ever profitable year. Investors were delighted, sending the stock up by 90% since the beginning of the year.

While there are several reasons to be optimistic about Sea's prospects, investors were particularly positive about the recent progress in Sea's e-commerce business, Shopee.

The last few years have been a roller-coaster ride for Shopee. Launched only in 2015, Shopee was expanding rapidly, but the COVID-19 pandemic gave it another considerable boost. Revenue surged by 160% in 2020 and jumped 136% in 2021.

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Source Fool.com