E-commerce specialist Global-e Online (GLBE 0.69%) had quite the week to remember, at least as far as the company's stock performance was concerned. Its share price experienced a lift of almost 24% across the five-day stretch, according to data compiled by S&P Global Market Intelligence. That was thanks to a strong quarterly earnings report, and a set of subsequent analyst price target raises.
A solid third quarter
For Global-e's third quarter, the company earned $176 million, which was 32% higher year over year. That was on the back of a 35% improvement in gross merchandise volume, which landed at just over $1.13 billion. The specialty e-commerce facilitator also managed to narrow its net loss considerably, as it came in at less than $23 million ($0.13 per share) versus the third-quarter 2023 result of $33 million.
Both headline metrics beat analyst expectations. On average, pundits tracking Global-e stock were modeling just under $169 million on the top line, and $0.15 per share for net loss, according to data compiled by Zack's.
In its earnings report, Global-e attributed the fundamental improvements to a rise in new bookings. That comes with the arrival of new merchants using its services, including storied U.K. retailer Harrods.
Meaty guidance boosts
Compounding the better-than-expected trailing results, Global-e raised its full-year 2024 guidance for selected financial metrics. It's now expecting to book $4.76 billion to $4.83 billion in bookings, up from the previous forecast of nearly $4.61 billion to almost $4.85 billion. The revenue projection also got a lift, to a range of just under $733 million to nearly $745 million; formerly this was $710 million to $750 million.
As for profitability, non-GAAP (adjusted) earnings before interest, taxes, depreciation, and amortization (EBITDA) should land at a bit over $135 million to slightly more than $141 million. That's well higher than the preceding forecast of $127 million to $143 million.
The company did not proffer any bottom-line guidance.
