Why Shopify-Backed Global-E Online Stock Plunged Before Gaining Ground on Tuesday
Shares of Global-E Online (NASDAQ: GLBE) initially went down in flames on Tuesday, plunging as much as 18.5%. However, by 12:45 p.m. ET, the stock had returned to positive territory, up 6.3%.
The catalyst that sent the cross-border e-commerce specialist whipsawing was its quarterly financial results, which were something of a mixed bag -- but the devil is in the details.
Global-E Online generated first-quarter revenue of $76.3 million, which rose 65% year over year, pushed higher by gross merchandise volume (GMV) that surged 71%. Unfortunately, the higher revenue did little to help the deteriorating bottom line. The company reported a net loss of $53.6 million, which resulted in a loss per share of $0.35.
Source Fool.com
