• Send Us A Tip
  • Calling all Tech Writers
  • Advertise
Sunday, June 15, 2025
  • Login
  • Register
TechStory
  • News
  • Crypto
  • Gadgets
  • Memes
  • Gaming
  • Cars
  • AI
  • Startups
  • Markets
  • How to
No Result
View All Result
  • News
  • Crypto
  • Gadgets
  • Memes
  • Gaming
  • Cars
  • AI
  • Startups
  • Markets
  • How to
No Result
View All Result
TechStory
No Result
View All Result
Home Business

Global-e Reports First Quarter 2022 Results

by Ayush Bansal
May 17, 2022
in Business, Markets, News
Reading Time: 3 mins read
0
Global-e Reports First Quarter 2022 Results
TwitterWhatsappLinkedin
Homepage - Global-e.com
Image: Global-e

The cross-border e-commerce solutions provider, Global-e Online (GLBE) has been bearish since the second half of 2021, continuing its downfall in 2022 to a decline of nearly 70% year to date.

You might also like

India Considers Grounding Boeing 787-8 Fleet After Ahmedabad Tragedy

Boeing Lays Off 180 Engineers in Bengaluru Amid Global Restructuring Drive

NCLT Ahmedabad Admits Gensol Into Insolvency on IREDA’s Plea

The latest blow to the stock came after its latest earnings which despite a beat on revenue had the 2022 outlook slashed due to the ongoing geopolitical instability and war on Ukraine.

Consequently, the stock fell to new lows of $13.80 a share in the after-hours on May 16, plunging by a huge 28.05%. This decline followed a downtrend of 6.26% in the prior session which had the stock trading at $19.18 per share.

Consequently, GLBE stock prices plummeted 26.28% to $14.14 in pre-market trading on May 17.

Q1 2022 Financial Results

Revenue in the first quarter of 2022 was $76.3 million, an increase of 65% year over year, of which service fees revenue was $31.9 million and fulfillment services revenue was $44.4 million.

Moreover, the GMV shot up by 71% YOY to $455 million while it saw an increase of 66% in the previous quarter (Q4 2021).

The non-GAAP gross profit surged by 94% YOY and gross margin by 580 basis points. Thus, the gross profit was $29.9 million while the gross margin stood at 39.1% in Q1 2022.

Non-GAAP gross profit2 in the first quarter of 2022 was $29.9 million, an increase of 94% year over year. GAAP gross profit in the first quarter of 2022 was $27.2 million.

Non-GAAP gross margin2 in the first quarter of 2022 was 39.1%, an increase of 580 basis points from 33.3% in the first quarter of 2021. GAAP gross margin in the first quarter of 2022 was 35.6%.

Adjusted EBITDA3 in the first quarter of 2022 was $3.3 million compared to $5.2 million in the first quarter of 2021.

Net loss in the first quarter of 2022 was $53.6 million.

Outlook

Due to general uncertainties and instability in the broader market as a result of the geopolitical situation as the war on Ukraine continues, GLBE provided a rather bleak outlook for Q2 and reduced full-year guidance.

The company anticipates revenue of $82.5-$84.5 million for the current quarter, while analysts anticipate $90.26 million. Furthermore, the GMV is expected to be $495-$505 million, with an adjusted EBITDA of $2.8-$3.8 million.

For the full year, revenue was reduced from $411-$421 million to $383-$403 million, compared to the consensus of $412.79 million. The GMV for 2022 is expected to be $2.28-$2.49 billion, with an adjusted EBITDA of $38-$42 million.

Risk

The continued decline of GLBE since last year can be attributed to the Nasdaq Composite index’s overall downtrend since its all-time highs in November 2021, while small-cap stocks like GLBE face greater volatility. 

Furthermore, the company’s previous peak valuation of 50 times sales was a factor in its decline to a more realistic 15 times sales. 

The Russian invasion of Ukraine has also been a major factor, causing numerous headwinds. In 2021, the company’s 23 percent revenue came from the European Union, which has now been impacted by the war and will continue to be so as the invasion has no end in sight.

If the war continues, Europe will most likely suffer, and economic activity will suffer as a result, hurting the company. The company’s recent guidance cut is also due to the Russia-Ukraine conflict and its effects on the global economy.

With peaking inflation and rising interest rates, the threat of a recession is becoming more real by the day. Equities and cryptocurrency have both plummeted. This could mean that GLBE continues to fall in the short term as economic and geopolitical instability worsens.

 

 

 

Tags: BusinessMarketNewsshare
Tweet54SendShare15
Previous Post

Crypto Tech’s Blockchains for Birth certificates, property deeds – claims of Mayor Erric Adams

Next Post

Ratan Tata Vows to Take Legal Actions Against Facebook Accounts Scamming People Under His Name

Ayush Bansal

Recommended For You

India Considers Grounding Boeing 787-8 Fleet After Ahmedabad Tragedy

by Anochie Esther
June 15, 2025
0
Boeing 787-8

India’s civil aviation sector is in mourning following one of its deadliest air disasters in recent history. An Air India Boeing 787-8 Dreamliner en route to London’s Gatwick...

Read more

Boeing Lays Off 180 Engineers in Bengaluru Amid Global Restructuring Drive

by Anochie Esther
June 15, 2025
0
Boeing

In a significant development that reflects the ongoing turmoil within the global aerospace industry, Boeing has laid off up to 180 engineers from its India operations as part...

Read more

NCLT Ahmedabad Admits Gensol Into Insolvency on IREDA’s Plea

by Rounak Majumdar
June 14, 2025
0
NCLT Ahmedabad Admits Gensol Into Insolvency on IREDA’s Plea

The National Company Law Tribunal (NCLT) in Ahmedabad has admitted Gensol Engineering Limited (GEL) and its subsidiary, Gensol EV Lease (GEVL), into insolvency proceedings following a petition by...

Read more
Next Post
Ratan Tata by Mint

Ratan Tata Vows to Take Legal Actions Against Facebook Accounts Scamming People Under His Name

Please login to join discussion

Techstory

Tech and Business News from around the world. Follow along for latest in the world of Tech, AI, Crypto, EVs, Business Personalities and more.
reach us at [email protected]

Advertise With Us

Reach out at - [email protected]

BROWSE BY TAG

#Crypto #howto 2024 acquisition AI amazon Apple bitcoin Business China cryptocurrency e-commerce electric vehicles Elon Musk Ethereum facebook flipkart funding Gaming Google India Instagram Investment ios iPhone IPO Market Markets Meta Microsoft News NFT samsung Social Media SpaceX startup startups tech technology Tesla TikTok trend trending twitter US

© 2024 Techstory.in

No Result
View All Result
  • News
  • Crypto
  • Gadgets
  • Memes
  • Gaming
  • Cars
  • AI
  • Startups
  • Markets
  • How to

© 2024 Techstory.in

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Are you sure want to unlock this post?
Unlock left : 0
Are you sure want to cancel subscription?