Global-e's Report Shows Slight Consumer Pullback
Aug 20, 2024
Global-e, the global e-commerce enabler, reported 26% revenue growth in Q2, with improved gross margins and cash flow. Several brands were onboarded, including some well known ones like Victoria's Secret, shoe maker Clark's, and famous sports franchise FC Barcelona. I'm still a fan of Global-e, but they did cut their fiscal year revenue targets as consumer spending has eased more than expected into the 2nd half of the year. This is consistent with some other reports we've seen. The profitability improvements mostly offset the growth weakness, so the fair value only gets a very small cut to $43.50.
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