Here's Why Global-e Online Stock Is Surging Today
Shares of Global-e Online (NASDAQ: GLBE) are marching higher today on the heels of strong fourth-quarter results. Shares of the cross-border e-commerce specialist were up 19.1% as of 12:24 p.m. ET on Thursday.
After the market closed on Wednesday, Global-e delivered somewhat mixed fourth-quarter results. Revenue that rose 54% year over year to $82.7 million beat consensus expectations by $5.1 million. On the bottom line, a noncash expense related to stock warrants held by Shopify (NYSE: SHOP) led to a loss of $22.5 million instead of the modest profit Wall Street was expecting.
Investors were quick to overlook the loss Global-e reported thanks to guidance for 2022 that exceeded expectations. The company expects total revenue in this year to land in a range between $411 million and $421 million. That's at least $44 million more than the average Wall Street analyst who follows Global-e expected the company to forecast.
Source Fool.com
