Poshmark Revenue Beats Wall Street Expectations and the Stock Rises [MarketWatch]
Poshmark, Inc. - Class A (POSH)
Company Research
Source: MarketWatch
Poshmark (ticker: POSH) reported revenue for the first quarter of $90.9 million, higher than analysts' estimates of $87.6 million, according to FactSet. The company also reported a GAAP loss of 18 cents a share; Wall Street expected a loss of 27 cents. Poshmark said it expects second-quarter revenue of between $86 million to $88 million. Guggenheim analyst Seth Sigman said the guidance from Poshmark was “conservative” and that it “stems from macro concerns (inflation, slowdown in overall spend and wallet share shifts) and some seasonality (e.g., management noted that during a typical year they see less engagement during the warm months of May and June).” Sigman has a Neutral rating on the stock with a $13 price target. Wedbush analyst Tom Nikic said he likes the resale market and thinks “consumers will be more discount-focused amid inflation (fueling demand for the secondhand market), while also looking to offset inflation by monetizing their closets (fueling supply).” Nikic ad
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