Global-e Online (NASDAQ:GLBE) on Wednesday lowered forecast for the full year and reported marginal revenue and profit beat for the second quarter that failed to impress Wall Street analysts.
Shares of the company fell more than 14% in premarket trading on the Nasdaq.
The company said it now expects 2024 revenue between $710M and $750M, trimmed from the prior range of $733M and $773M. The midpoint of the new forecast range is $730M, below the Seeking Alpha consensus estimate of $748.6M.
For the current quarter, the company forecast revenue between $165.7M and $171.7M, which is below the consensus estimate of $177.9M.
In Q2, GMV was $1.08B, up 31% year over year; adjusted EBITDA came in at $31.3M vs. $21M in the same period last year.
Net loss for the three months ended June 30 narrowed to $22.4M, compared to a loss of $35.5M in the year ago period.
On a per-share basis, the company lost 13 cents, while Wall Street analysts were expecting it to lose 15 cents.
Total revenue rose 26% to $168M and was ahead of estimates by a little over $2M.
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