Global-E Online Ltd. (NASDAQ:GLBE) shares are trading lower after the company reported second-quarter FY24 results and revised its outlook.
Sales growth of 26% Y/Y to $168.0 million, beating the analyst consensus estimate of $165.9 million. Gross Merchandise Value (GMV) rose 31% Y/Y to $1.08 billion in the quarter.
The company reported $82.2 million in service fees and $85.8 million in fulfillment services revenue in the quarter.
Non-GAAP gross profit increased to $80.2 million (+39% Y/Y), and non-GAAP gross margin expanded 450 basis points Y/Y to 47.8%.
Adjusted EBITDA rose to $31.3 million from $21.0 million a year ago. The company's operating loss narrowed to $22.8 million from $36.4 million.
Loss per share was $0.13, beating the consensus loss of $0.17.
Outlook: For the third quarter, Global-e Online projects GMV of $1.070 billion – $1.110 billion and revenue of $165.7 million and $171.7 million vs. $177.88 million estimate.
The company revised its FY24 revenue guidance to $710 million – $750 million (below the $748.6 million estimate), down from the previous range of $733 million – $773 million.
Founder and CEO Amir Schlachet said, "We report today the results of another very strong quarter of margin expansion and strong growth all across the business, with the second quarter of 2024 breaking a record, being our first ever non-peak quarter with GMV trading above the $1 billion mark."
Investors can gain exposure to the stock via Amplify ETF Trust Amplify BlueStar Israel Technology ETF (NYSE:ITEQ) and iShares Inc iShares MSCI Israel ETF (NYSE:EIS).
Price Action: GLBE shares are trading lower by 8.33% at $30.60 at the last check Wednesday.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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