Global-e Online Shares Drop 10% Amid Larger-Than-Expected Losses

Global-e Online stock drops

PETAH-TIKVA, Israel – Global-e Online Ltd. (NASDAQ: GLBE) released its second-quarter results, surpassing revenue expectations but reporting a wider loss than anticipated. This led Global-e Online stock drop to a sharp 10% decline in its shares during premarket trading on Wednesday.

Global-e Online Shares Drop

For the quarter ending June 30, Global-e posted a loss of $0.22 per share, missing analysts’ predictions of a $0.15 per share loss. On a positive note, revenue for the quarter reached $168 million, exceeding the forecast of $165.96 million, marking a 26% year-over-year growth.

Impressive Growth in Gross Merchandise Value

Global-e’s Gross Merchandise Value (GMV) saw significant growth, increasing 31% year-over-year to $1.08 billion in Q2. This milestone marks the first non-peak quarter where GMV surpassed $1 billion.

CEO’s Outlook on Company Performance

Amir Schlachet, Founder and CEO of Global-e, commented on the strong performance, stating, “We report today the results of another very strong quarter of margin expansion and strong growth all across the business.”

Profit and EBITDA Growth

On a more positive note, Global-e’s non-GAAP gross profit rose by 39% year-over-year to $80.2 million. In addition, the company’s adjusted EBITDA grew to $31.3 million, compared to $21.0 million in the same period last year.

Q3 and Full-Year 2024 Projections

Looking ahead, Global-e anticipates third-quarter revenue between $165.7 million and $171.7 million, which is considerably above the consensus estimate of $96.971 million. The company also projects Q3 adjusted EBITDA to be within the $27-$31 million range.

For the full-year 2024 outlook, Global-e has updated its forecast, expecting revenue to range between $710-$750 million and adjusted EBITDA to fall between $127-$143 million.

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