Why Global-e Online Stock Fell Today
Shares of Global-e Online (NASDAQ: GLBE) plunged 16.9% on Wednesday after the direct-to-consumer cross-border e-commerce specialist announced solid quarterly results but disappointing forward guidance.
Global-e's results looked decent at a glance: Fourth-quarter 2023 revenue grew 33% year over year to $185.4 million, translating to a net loss of $22.1 million, or $0.13 per share (narrowed from a loss of $0.18 per share in the same year-ago period). Most analysts were modeling roughly the same net loss on lower revenue of $182 million.
Global-e CEO Amir Schlachet said he was "pleased" with the quarter, noting the company drove a 42% increase in gross merchandise volume (GMV) to $1.189 billion. Global-e also saw adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) soar 61% year over year during the quarter to $35.2 million.
Source Fool.com
