Market Updates
Poshmark's Active Customers Jump 14%
Scott Peters
12 Aug, 2022
New York City
Poshmark Inc plunged 15.2% to $10.94 after the social fashion marketplace operator said second quarter revenues increased 9% to $89.1 million and gross merchandise value increased 8% to $483.5 million from $449.6 million a year ago.
Active buyers who purchased at least once in the last twelve months increased 14% to 8 million from 7 million a year ago.
Gross volume on the platform increased 8% to $483.5 million from $449.6 million a year ago.
Gross volume on the platform increased for the 18th quarter in a row.
Second quarter loss jumped to $22.9 million from $2.5 million a year ago and diluted loss per share rose to 29 cents from 3 cents.
Free cash outflow in the second quarter was $3.5 million from inflow of $25.0 million a year ago.
Poshmark guided third quarter revenues between $85 million and $87 million and adjusted operating loss between $9 million and $11 million.
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