Shares of cross-border e-commerce business Global-E Online Ltd. sank 8.4% in early Tuesday trading after it cut its full-year revenue outlook. Net loss totaled $1.7 million, or 8 cents per share, after a loss of $53.6 million, or 35 cents per share, last year. Revenue of $46.2 million was down from $76.3 million. The FactSet consensus was for a loss of 15 cents per share and revenue of $75.1 million. Gross merchandise value (GMV) was $455 million, up 71% year-over-year. The company discontinued service to Russia after it attacked Ukraine. Russia accounts for 2% of GMV. Areas of Central and Eastern Europe have also been impacted, accounting for 4% to 5% of GMV. Global-E is now guiding for full-year revenue of $383 million to $403 million, down from previous guidance of $411 million to $421 million. The FactSet consensus is for revenue of $391.1 million. Global-E stock has lost 72.5% of its value for the year to date. The S&P 500 index is down 14.7% for the period.
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