Poshmark’s (POSH) shares took a pretty bad tumble on Friday, sinking as much as 20%, after the secondhand online retailer revealed its latest quarterly earnings.
This was Poshmark’s first earnings report as a public company (so double ouch!). While revenue actually surpassed analysts’ estimates, the sales outlook for the current quarter was so bleak it really put traders off. FYI, the company expects sales in Q1 to fall between $75.5m and $77.5m, which is below previous estimates of around $79m.
Poshmark’s marketplace is similar to that of Etsy (ETSY) and eBay (EBAY) but also competes with secondhand retailers competitors such as StockX and ThredUp.