Global-E Online Ltd ( GLBE ) shares are soaring after the company reported better-than-expected first-quarter FY24 revenue and raised the outlook.

The company reported first-quarter FY24 sales growth of 24% year-on-year to $145.90 million, beating the analyst consensus estimate of $141.5 million.

Gross Merchandise Value (GMV) rose 32% Y/Y to $930 million. Service fees revenue grew by 35.6%, and Fulfillment fees increased by 15.4%.

Non-GAAP gross profit increased 36% Y/Y to $66.1 million, and the margin expanded 390 basis points Y/Y to 45.3%.

The company’s operating loss narrowed to $(29.3) million. Adjusted EBITDA of $21.3 million increased 46.8% Y/Y.

Loss per share was $(0.19), beating the consensus of $(0.23).

“With numerous client adds and business expansion across all geographies, and with the team’s solid execution along all our strategic goals including the continued growth of Shopify Markets Pro, we remain on-track to achieve another year of exceptional growth, as is evident from our updated annual forecast,” said Founder and CEO Amir Schlachet.

Outlook: Global-E Online ( GLBE ) raised FY24 sales guidance to $733 million – $773 million (prior $731 million – $771 million), versus the consensus of $749.71 million.

Global-E Online ( GLBE ) sees FY24 GMV of $4.625 billion – $4.865 billion versus the previous view of $4.590 billion – $4.830 billion. 

For the second-quarter, the company sees revenue of $162.5 million – $168.5 million versus the consensus of $170.48 million.

Price Action: GLBE shares are trading higher by 17.9% at $34.33 in premarket at the last check Monday.