What's Going On With Global-E Online Shares Today?

Global-E Online Ltd GLBE reported second-quarter FY23 sales growth of 53% year-over-year, to $133.31 million, beating the consensus of $128.49 million.

Gross Merchandise Value (GMV) rose 54% Y/Y to $825 million.

Adjusted gross margin expanded by 140 bps to 43.3%.

Loss per share of $(0.22) beat the consensus loss of $(0.26).

Q2 operating loss contracted to $(36.39) million from $(49.3) million loss a year ago.

Operating cash flow totaled $17.65 million for the quarter, compared to $37.81 million a year ago.

Also Read: Morgan Stanley Downgrades Global-E Online To Equal-Weight - Read Why

Adjusted EBITDA was $20.98 million (+88.5% Y/Y), and margin expanded by 300 bps to 15.7%.

The company held over $191.99 million in cash and equivalents at the end of the quarter.

"The results of the second quarter of 2023, together with the updated guidance for the remainder of the year, illustrate the continued strong momentum of our business, as evident from both top-line growth, improved profitability and new client launches," commented Global-E CEO Amir Schlachet.

3Q23 Outlook: Global-E Online expects sales of $136 million-$142 million, vs. the consensus of $142.57 million. 

It expects GMV of $840 million-$880 million; and Adjusted EBITDA of $17 million-$21 million.

FY23 Outlook: The company raised the revenue outlook to $570 million – $596 million (prior expectation $562 million – $590 million), vs. the consensus of $583.28 million.

It expects FY23 GMV of $3.48 billion-$3.64 billion (up from the prior $3.40 billion - $3.55 billion). GLBE sees Adjusted EBITDA of $85 million-$93 million (prior $70 million-$77 million).

Price Action: GLBE shares are trading lower by 11.71% at $36.04 on the last check Tuesday.