Secondhand online retailers Poshmark, ThredUP report steep hikes in revenue

Secondhand online retailers Poshmark, ThredUP report steep hikes in revenue
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Two leading secondhand online retailers racked up steep quarterly revenue gains on Tuesday. Shares of Poshmark Inc.
POSH,
-5.58%
were down 7% in extended trading Tuesday after the fashion resale platform posted fiscal second-quarter results. Poshmark reported a net loss of $2.9 million, or 4 cents a share, compared with net income of $21.3 million, or 61 cents a share, in the year-ago quarter.

Revenue improved 22% to $81.8 million from $66.9 million a year ago. Analysts surveyed by FactSet had expected a net loss of 7 cents a share on revenue of $80.3 million. The company did offer third-quarter guidance of between $81 million and $83 million; FactSet analysts are forecasting $82.1 million. Poshmark’s stock is down 67% so far in 2021. The broader S&P 500 index 
SPX,
+0.10%
 has gained 18% this year. Shares of ThredUp Inc.
TDUP,
-6.66%
shot up 7% in extended trading Tuesday after the company reported fiscal second-quarter results that were roughly in line with analyst estimates. The company reported a net loss of $14.4 million, or 15 cents a share, compared with a net loss of $6.66 million, or $61 a share, in the year-ago quarter. Revenue jumped 27% to about $60 million from $47.3 million a year ago. Analysts surveyed by FactSet had expected a net loss of 15 cents a share on revenue of $57.1 million. ThredUp shares are up 7% so far in 2021.



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