Why Global-e Online Stock Dropped Today
Shares of Global-e Online (NASDAQ: GLBE) were down 9.8% as of 1 p.m. ET Tuesday, according to data provided by S&P Global Market Intelligence, as the cross-border e-commerce enablement specialist announced strong second-quarter results but didn't raise its forward outlook quite enough to appease Wall Street's high expectations.
Global-e's quarterly revenue climbed 53% year over year to $133.3 million, translating to a net loss of $35.5 million, or $0.22 per share. Analysts, on average, were modeling a wider loss of $0.25 per share on lower revenue of $128.9 million.
"The results of the second quarter of 2023, together with the updated guidance for the remainder of the year, illustrate the continued strong momentum of our business, as evident from both top-line growth, improved profitability and new client launches," stated Global-e founder and CEO Amir Schlachet. "We remain focused on executing across all fronts, as we continue to tap into the massive global opportunity presented by the direct-to-consumer cross-border e-commerce market."
Source Fool.com
