E-commerce firm Global-e stares at all-time low on slashing full-year forecast

Global-E Online

17/05/2022 12:50

** Shares of Israeli e-commerce platform  GLBE.O  plunge 27%
premarket to $14, a record low, after co cuts full-year guidance
in Q1 report https://www.globenewswire.com/news-release/2022/05/16/2444320/0/en/Global-e-Reports-First-Quarter-2022-Results.html
    ** Reduces FY 2022 sales forecast to $383 mln-$403 mln from
prior $411 mln-$421 mln, and FY gross merchandise value forecast
to $2,280 mln-$2,400 mln from prior $2,445 mln-$2,495 mln
    ** Analysts on average expect FY22 sales of $397.84 mln, per
Refinitiv IBES data
    ** Guidance reflects Ukraine-Russia war impact and macro
headwinds on consumption, mainly in Europe, co says
    ** Macro uncertainty will make it difficult for stock to
move up in near term, says Jefferies, cutting PT by more than
half to $31 from $70
    ** Sock has lost 70% of its value this year as of last close
and is down 44% from its IPO price of $25/shr  urn:newsml:reuters.com:*:nL4N2MZ3UV

 (Reporting by Anisha Sircar in Bengaluru)
 ((Anisha.Sircar@thomsonreuters.com;))