Global-E Soars: Q3 Sales Surge 32%, FY24 Outlook Raised Amid GMV Boom

Global-E Online Ltd. GLBE shares are trading higher after the company reported third-quarter results and raised its FY24 outlook.

Sales grew 32% year over year to $176 million, beating the analyst consensus estimate of $169.16 million.

Gross Merchandise Value (GMV) rose 35% Y/Y to $1.13 billion in the quarter. The company reported $82.6 million in service fees and $93.4 million in fulfillment services revenue in the quarter.

Non-GAAP gross profit increased to $82.3 million (+39% Y/Y), and non-GAAP gross margin expanded 240 basis points Y/Y to 46.8%.

Adjusted EBITDA rose to $31.1 million from $22.1 million a year ago. The company’s operating loss narrowed to $21.0 million from $35.6 million.

Loss per share was $0.13, beating the consensus loss of $0.15.

Outlook: For the fourth quarter, Global-e Online projects GMV of $1.615 billion – $1.685 billion and revenue of $243 million and $255 million vs. $246.27 million estimate.

The company raised its FY24 revenue guidance to $732.9 million  – $744.9 million (from $710 million – $750 million), vs. the consensus of $730.72 million.

Founder and CEO Amir Schlachet said, “We report today the results of another very strong quarter, with growth of GMV accelerating to 35% year over year and many new merchants going live ahead of the holiday season, including the iconic luxury department store Harrods.”

“Given the successful merchant launches in the recent months, combined with our new bookings for this year which are at an all-time high, we believe that this strong growth momentum will continue.”

Investors can gain exposure to the stock via Amplify ETF Trust Amplify BlueStar Israel Technology ETF ITEQ and The Alger ETF Trust Alger AI Enablers & Adopters ETF ALAI.

Price Action: GLBE shares are up 12.9% at $48.28 at the last check Wednesday.

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