By Dean Seal
Shares of Global-E Online hit a two-year high after the company reported better third-quarter revenue than analysts had expected and raised its full-year guidance.
The stock jumped 22% to a high of $52.57 in early trading. Shares haven't traded this high since January 2022.
The Israeli e-commerce company said before the bell that revenue jumped 32% to $176 million during the quarter, ahead of analyst projections for $169.1 million, according to FactSet. Gross merchandise value, the total value of goods sold on its platform, surged 35% to $1.13 billion, topping estimates for $1.09 billion.
The company narrowed its quarterly loss to $22.6 million from $33.1 million a year ago.
Global-E Online said it now expects $732.9 million to $744.9 million in revenue for the year, up from a prior outlook for $710 to $750 million. Analysts surveyed by FactSet had been forecasting $730.7 million.
Write to Dean Seal at dean.seal@wsj.com
(END) Dow Jones Newswires
November 20, 2024 10:20 ET (15:20 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.
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