Poshmark sales lift on increased active buyers, social interactions
Online resale platform Poshmark Inc reported on Thursday a 13% uptick in revenues for the first quarter ending March 31, on the back on double-digit active buyer growth and increased gross merchandise value (GMV).
The Redwood City, California-based company said total revenues for the quarter reached $90.9 million for the three months, compared to $80.7 million in the first quarter of 2021. GMV grew to $493.4 million, an increase of 12% year-over-year from $441 million last year, marking the 17th consecutive quarter of GMV growth for the company.
Trailing 12 months active buyers reached a record 7.8 million, a 16% year-over-year increase from 6.7 million in the first quarter last year.
Poshmark said its social marketplace is "defining a new, more human way to shop online by making the shopping and discovery experience interactive and social."
As a result, social interactions grew 59% year-over-year to a record 50.7 billion during the trailing-twelve-months ended March 31, 2022.
"We continue to innovate for both buyers and sellers and completed the rollout of our 'Shop by Trend' feature as well as a redesign of our feed and shop tabs during the first quarter,” said Manish Chandra, founder and chief executive officer of Poshmark.
“Our investments in product innovation and marketing contributed to record active buyer growth to 7.8 million in the first quarter, up 16% from the same period last year.”
In terms of profit, Poshmark narrowed losses to $14 million for the quarter, compared to a net loss of $20.1 million last year. This included $8.7 million and $24.1 million in stock-based compensation, respectively.
Looking ahead, Poshmark said it expects second quarter revenues to fall between $86 million and $88 million.
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