Stocks

Poshmark Down 14% As Earnings, Outlook Disappoint By Investing.com

© Reuters.

By Dhirendra Tripathi

Investing.com – Poshmark (NASDAQ:) shares were down 14% at $51 in Friday’s premarket trading, after releasing disappointing earnings for the final quarter of 2020 late on Thursday.

Its guidance for the ongoing quarter, with an expected revenue around $76.5 million and adjusted EBITDA of around $1.5 million, also did little to cheer investors.

Poshmark, which went public only two months ago and was posting its first results since the IPO, said revenue was $69.3 million for the fourth quarter, up 27% on the year. Analysts polled by Refinitiv had expected  revenue of $68 million, CNBC said.

Gross Merchandise Value (GMV) grew 28% to $387.2 million. Adjusted EBITDA for the fourth quarter of 2020 was $4.2 million, a reversal from the $12.6 million loss in the fourth quarter a year prior.

 

 

 

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