Global-E Online Ltd. (GLBE) shares surged 5.09% in the pre-market trading session on Thursday, outperforming the broader market. The stock's rally was fueled by the company's impressive third-quarter results and an optimistic outlook for the upcoming quarters.
In its earnings report, Global-E Online posted a 35% year-over-year increase in Gross Merchandise Volume (GMV) to $1.134 billion, surpassing expectations. The company's total revenue grew by 32% to $176 million, driven by strong performance in both service fee and fulfillment services segments.
The company's adjusted EBITDA also showed robust growth, rising 41% year-over-year to $31.1 million, reflecting improved operational efficiency and cost control measures. Despite reporting a net loss, Global-E Online demonstrated significant progress in narrowing its losses compared to the prior year.
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