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Why Shopify-Backed Global-e Online Stock Crashed On Thursday

TheMotleyFool

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Why Shopify-Backed Global-e Online Stock Crashed On Thursday: https://g.foolcdn.com/editorial/images/709924/person-entering-credit-card-info-into-a-smartphone-with-a-package-sitting-nearby_5LXJ92K.jpg

Shares of Global-e Online (NASDAQ: GLBE) crashed on Thursday, plunging as much as 15.7%. As of 3:22 p.m. ET, the stock was still down 14.2%.

The catalyst that sent the cross-border e-commerce specialist crumbling was its quarterly financial report, which was something of a mixed bag.

Global-e Online generated third-quarter revenue of $105.6 million, up 79% year over year, pushed higher by gross merchandise volume (GMV), which surged 77%. Unfortunately, most of the additional revenue didn't make it to the bottom line. The company reported a net loss of $64.6 million, resulting in a loss per share of $0.41.

Source Fool.com

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