Poshmark’s new feature, Stories. | Photo: Courtesy
Online fashion marketplace Poshmark Inc on Thursday forecast first-quarter revenue below expectations despite beating market estimates for holiday-quarter revenue, sending its shares down 16 percent in extended trading.
California-based Poshmark forecast first-quarter revenue between $75.5 million and $77.5 million, implying a growth of 32 percent to 36 percent from a year earlier. Analysts were expecting revenue of $79.2 billion.
Net revenue jumped about 27 percent to $69.3 million in the quarter ended Dec. 31, compared with estimates of $68 million, according to IBES data from Refinitiv.
By Praveen Paramasivam