Business

Secondhand online retailers Poshmark, ThredUP report steep hikes in revenue

Two main secondhand on-line retailers racked up steep quarterly income positive aspects on Tuesday.

Shares of Poshmark Inc.
POSH,
-5.58%

had been down 7% in prolonged buying and selling Tuesday after the style resale platform posted fiscal second-quarter outcomes.

Poshmark reported a web lack of $2.9 million, or 4 cents a share, in contrast with web earnings of $21.3 million, or 61 cents a share, within the year-ago quarter.

Income improved 22% to $81.8 million from $66.9 million a 12 months in the past. Analysts surveyed by FactSet had anticipated a web lack of 7 cents a share on income of $80.3 million. The corporate did provide third-quarter steerage of between $81 million and $83 million; FactSet analysts are forecasting $82.1 million.

Poshmark’s inventory is down 67% thus far in 2021. The broader S&P 500 index 
SPX,
+0.10%

 has gained 18% this 12 months.

Shares of ThredUp Inc.
TDUP,
-6.66%

shot up 7% in prolonged buying and selling Tuesday after the corporate reported fiscal second-quarter outcomes that had been roughly consistent with analyst estimates.

The corporate reported a web lack of $14.4 million, or 15 cents a share, in contrast with a web lack of $6.66 million, or $61 a share, within the year-ago quarter.

Income jumped 27% to about $60 million from $47.3 million a 12 months in the past.

Analysts surveyed by FactSet had anticipated a web lack of 15 cents a share on income of $57.1 million.

ThredUp shares are up 7% thus far in 2021.

https://www.marketwatch.com/story/secondhand-online-retailers-poshmark-thredup-report-steep-hikes-in-revenue-11628627369?rss=1&siteid=rss | Secondhand on-line retailers Poshmark, ThredUP report steep hikes in income

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