Global-e Online shares plummet 10% on wider-than-expected loss

PETAH-TIKVA, Israel - Global-e Online Ltd. (NASDAQ:GLBE) reported second-quarter results that beat revenue expectations but showed a wider loss than analysts anticipated, sending shares down 10% in premarket trading Wednesday.

The cross-border e-commerce platform provider posted a loss of $0.22 per share for the quarter ended June 30, missing the analyst consensus estimate of a $0.15 per share loss. Revenue came in at $168 million, surpassing expectations of $165.96 million and representing a 26% year-over-year increase.

Global-e's gross merchandise value (GMV) grew 31% YoY to $1.08 billion in Q2, marking the first non-peak quarter to exceed $1 billion in GMV.

"We report today the results of another very strong quarter of margin expansion and strong growth all across the business," said Amir Schlachet, Founder and CEO of Global-e.

Despite the revenue beat, investors appeared focused on the wider-than-expected loss, driving shares down sharply after hours. The company's non-GAAP gross profit rose 39% YoY to $80.2 million, while adjusted EBITDA increased to $31.3 million from $21.0 million a year ago.

For Q3, Global-e expects revenue between $165.7 million and $171.7 million, well above the $96.971 million consensus. The company also projects Q3 adjusted EBITDA of $27-$31 million.

Global-e updated its full-year 2024 outlook, now forecasting revenue of $710-$750 million and adjusted EBITDA of $127-$143 million.

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Source: Investing.com