Petah Tikva, Israel – Global-e Online Ltd. (NASDAQ:GLBE) reported second-quarter results that beat revenue expectations but showed a bigger loss than analysts expected, sending shares down 10% in pre-market trading on Wednesday.
The cross-border e-commerce platform provider posted a loss of $0.22 per share for the quarter ended June 30, beating analysts’ estimates of a loss of $0.15 per share. Revenue was $168 million, beating expectations of $165.96 million and representing a 26% year-on-year increase.
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Global-e’s total merchandise value grew 31% year-on-year to $1.08 billion in the second quarter, the first non-peak quarter in which the total value of goods exceeded $1 billion.
Amir Shalashet, Founder and CEO of Global-e, said: “Today we are announcing another very strong quarter results from margin expansion and strong growth across the business.”
Despite the outperforming revenue, investors seemed to focus on the loss, which exceeded expectations, leading to a sharp drop in stocks hours later. The company’s total non-GAAP profit rose 39% year-on-year to $80.2 million, while adjusted earnings before interest, tax, depreciation and amortization rose to $31.3 million from $21.0 million a year earlier.
For the third quarter, Global-e expects revenue of between $165.7 million and $171.7 million, well above the consensus of $96.971 million. The company also expects adjusted earnings before interest, tax, depreciation and amortization for the third quarter to range from $27 million to $31 million.
Global-e has updated its forecast for the full year 2024 and now expects revenue of $710-750 million and adjusted earnings before interest, tax, depreciation, amortization and amortization of $127-143 million.
This article was translated with the help of an artificial intelligence program after an editor’s review. For more details please refer to Banha Terms and Conditions
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