© Reuters
By Sam Boughedda
Investing.com — Shares of social commerce marketplace Poshmark Inc (NASDAQ:) jumped 17% Friday after the company topped analyst estimates when it reported its first-quarter earnings after the close Thursday.
The company posted a of $0.18 on revenue of $90.9 million, beating expectations of a $0.25 per share loss and revenue of $87.6 million.
Poshmark said trailing 12 months, Active Buyers reached a record 7.8 million, representing a 16% year-over-year gain from 6.7 million in the first quarter of 2021. Meanwhile, gross merchandise value was $493.4 million, a 12% year-over-year rise from $441 million in the first quarter last year.
“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,” said Manish Chandra, Founder and Chief Executive Officer of Poshmark.
Furthermore, the company saw social interactions grow 59% year-over-year to a record 50.7 billion during the trailing twelve months ended March 31.
Poshmark sees second-quarter revenue between $86 million and $88 million.
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