Why Global-E Stock Sank More Than 10% Today
The lofty gains that Global-E (NASDAQ: GLBE) had racked up last year are coming undone in grandiose fashion. Shares were down 10.4% today as of market close. In total, the stock is now 47% off its all-time high notched last September, with most of those losses coming in recent weeks on fears of rising interest rates.
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Global-E is a fast-growing e-commerce software company, providing tools for merchants that want to sell internationally. As digital buying and selling picks up steam in emerging markets, Global-E's revenue has soared. Sales increased 77% year over year to $59 million in Q3 2021 alone.
Source Fool.com
