Global-E Online (GLBE) Sold Down Heavily

We recently published 10 Stocks Facing a Total Meltdown. Global-E Online Ltd. (NASDAQ:GLBE) is one of the worst-performing stocks on Wednesday.

Global-E Online declined by 8.57 percent on Wednesday to close at $31.06 as investors resorted to early profit-taking after an intra-day surge, buoyed by a strong earnings performance in the second quarter of the year.

During the session, Global-E Online Ltd. (NASDAQ:GLBE) opened 8 percent higher than its previous day’s close, rose as high as 9 percent to $37.05, before traders booked profits to finish the day in the red.

In the second quarter of the year, Global-E Online Ltd. (NASDAQ:GLBE) swung to a net income attributable to shareholders of $10.49 million from a $22.44 million net loss in the same period last year. Revenues grew by 28 percent to $214.88 million from $168 million year-on-year.

In the first half, net loss narrowed by 86 percent to $7.36 million from $54.49 million in the same period last year, while revenues soared by 29 percent to $404.7 million from $313.88 million year-on-year.

Encouraged by the results, Global-E Online Ltd. (NASDAQ:GLBE) raised its growth outlook for the full-year period, with revenues now targeted at $921.5 million to $971.5 million, as compared with the $917 million to $967 million expected previously.

For the third quarter alone, revenues were pegged at $214 million to $221 million.

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