Global-E Online Ltd. (NASDAQ:GLBE) shares traded lower on Wednesday, even as the company reported strong momentum in cross-border commerce, supported by healthy consumer demand, expanding premium brand partnerships, and improving profitability trends.
What Happened?
The company reported first-quarter earnings of 17 cents per share, matching analyst estimates. Revenue rose 33% year over year to $252.1 million, exceeding Wall Street expectations of $250.8 million.
Adjusted gross profit increased 37% to $118.5 million, while adjusted gross margin expanded to 47% from 45.4% a year earlier.
Global-E said it continued to gain momentum across Europe and the Asia-Pacific region, adding fashion, motorsports, luxury retail and specialty lifestyle brands to its platform. New European partnerships included Quadrant, Coperni, Paraboot and the Audi Revolut Formula 1 Team. In APAC, the company added …