Why Global-e Stock Jumped 11% in November
Shares of e-commerce company Global-e Online (NASDAQ: GLBE) jumped 11% in November, according to data provided by S&P Global Market Intelligence. The company reported excellent third-quarter operating results and provided well-received updates about its business.
Global-e has a niche e-commerce business in cross-border solutions. It works with many top brands, providing a platform that easily integrates into an e-commerce website and offers a variety of services such as instant customs calculations and multiple delivery options. It supports about 100 currencies and 200 countries, opening up the world to the e-commerce retailer.
It reported spectacular third-quarter results that came in above expectations. Revenue increased 25% year over year to $220.8 million, and adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) increased 33% to $41.3 million. Net income was $13.2 million, up from a $22.6 million loss last year, and it generated $73.6 million in free cash flow, up from $29.9 million last year.
Source Fool.com
