Global-E Online Ltd. (NASDAQ:GLBE) reported better-than-expected first-quarter sales results raised its FY24 revenue guidance on Monday.
The company reported first-quarter FY24 sales growth of 24% year-on-year to $145.90 million, beating the analyst consensus estimate of $141.5 million. Loss per share was 19 cents, beating the consensus of 23 cents, according to data from Benzinga Pro.
"With numerous client adds and business expansion across all geographies, and with the team's solid execution along all our strategic goals including the continued growth of Shopify Markets Pro, we remain on-track to achieve another year of exceptional growth, as is evident from our updated annual forecast," said Founder and CEO Amir Schlachet.
Global-E Online raised FY24 sales guidance to $733 million – $773 million (prior $731 million – $771 million), versus the consensus of $749.71 million.
Global-E Online sees FY24 GMV of $4.625 billion – $4.865 billion versus the previous view of $4.590 billion – $4.830 billion. For the second-quarter, the company sees revenue of $162.5 million – $168.5 million versus the consensus of $170.48 million.
Global-E Online shares gained 5.4% to close at $30.69 on Monday.
These analysts made changes to their price targets on Global-E Online after the company reported quarterly results.
- Morgan Stanley boosted the price target on Global-E Online from $33 to $37. Morgan Stanley analyst James Faucette upgraded the stock from Equal-Weight to Overweight.
- B of A Securities raised Global-E Online price target from $46 to $47. B of A Securities analyst Vivek Arya maintained a Buy rating.
- Needham analyst Scott Berg reiterated Global E Online with a Buy and maintained a $48 price target.
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