Why Global-E Stock Jumped 29% in May
Shares of Global-E Online (NASDAQ: GLBE) Stock gained 29% in May, according to data from S&P Global Market Intelligence. Investors drove the price up based on an excellent first-quarter report.
Global-E is a young growth company with a niche platform. It services business and enterprise clients with cross-border e-commerce solutions, such as localized checkouts and customs calculations. These are services that add a lot of value and can generate significant sales for clients. For many e-commerce retailers, these are no-brainer services they want to offer, and they're even more important in the inflationary environment as businesses look through every nook and cranny for ways to generate sales.
In the 2023 first quarter, sales increased 54% over last year to $118 million, and gross merchandise volume increased 55% to $704 million. Those are impressive growth metrics, especially given the pressured retail climate.
Source Fool.com
