Instead, some of its peers abroad continue to grow rapidly, a factor that might lead investors to consider Shopify (NYSE: SHOP), MercadoLibre (NASDAQ: MELI), or Sea Limited (NYSE: SE) as the new top e-commerce stocks. Also, due to efforts to keep the cost of net revenue down, its $317 million in net income during the period surged 146% year over year.
Global-e Online (NASDAQ: GLBE), Revolve Group (NYSE: RVLV), and Floor & Decor Holdings (NYSE: FND) look like solid contenders for stocks that could strongly grow your money. Global-e Online might be the best e-commerce stock you've never heard of yet.
After a decade of blockbuster returns, the tech industry is having a rough year. The Nasdaq Composite is down about 31% year to date, falling twice as far as the S&P 500, and there's been a steady drumbeat of layoffs from the tech sector in recent months. Among the tech companies announcing layoffs are Stripe, Twitter, Snap, Netflix, Shopify, Meta Platforms (NASDAQ: META), and Amazon (NASDAQ: AMZN).