Global-e Online Ltd. (GLBE) shares skyrocketed 20.60% on Wednesday, November 20, 2024, following the company's impressive third-quarter results and raised guidance for the full year.
The e-commerce enabler reported a 32% year-over-year increase in revenue to $176 million for the third quarter of 2024, driven by a 35% jump in Gross Merchandise Value (GMV) to $1.13 billion. Global-e added many new merchants during the quarter, including iconic brands like Harrods, Torrid, Jones Road Beauty, Fossil, and Raycon, which fueled the strong performance.
Buoyed by the robust results, Global-e raised its full-year 2024 guidance, now expecting GMV of $4.76 billion to $4.83 billion, revenue of $732.9 million to $744.9 million, and adjusted EBITDA of $135.2 million to $141.2 million.
The company's strong execution, successful merchant additions, and positive outlook boosted investor confidence, driving the significant surge in Global-e Online's stock price on Wednesday.
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