Global-E Online Ltd. ( (GLBE) ) has released its Q3 earnings. Here is a breakdown of the information Global-E Online Ltd. presented to its investors.
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Global-e Online Ltd. is a leading platform that specializes in enabling and accelerating global Direct-To-Consumer eCommerce solutions, serving over 1,000 brands and retailers worldwide.
In its third-quarter 2024 earnings report, Global-e Online Ltd. announced a substantial increase in its Gross Merchandise Value (GMV), marking a 35% year-over-year growth. The company highlighted its success in onboarding new merchants and expanding its strategic partnerships, which contributed to this robust performance.
The key financial metrics for Global-e’s third quarter include a revenue of $176 million, indicating a 32% increase from the previous year. The company also reported a non-GAAP gross profit of $82.3 million, up 39% year-over-year, and a strong adjusted EBITDA of $31.1 million, compared to $22.1 million in the previous year. Despite these gains, the company faced a net loss of $22.6 million during the quarter. Strategic partnerships and merchant expansions across various regions, including North America and APAC, were significant contributors to the company’s growth.
Looking forward, Global-e is optimistic about its future, raising its full-year guidance for 2024. The company expects continued growth due to successful merchant integrations and enhanced capabilities in its Shopify Managed Markets. This positive outlook underscores Global-e’s confidence in maintaining its growth trajectory in the global eCommerce market.
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