By Sam Boughedda
Poshmark Inc (NASDAQ:POSH) shares are down more than 6% after hours following the company's second-quarter earnings report.
The social commerce marketplace firm missed earnings estimates but topped revenue expectations. The company reported a loss per share for the quarter of $0.29, $0.06 worse than the analyst estimate of a loss of $0.23. Revenue came in at $89.1 million, topping the consensus estimate of $87.4 million.
Gross Merchandise Value grew 8% year-over-year to $483.5 million, up from $449.6 million.
"We reported a strong quarter despite a tough consumer environment due to our focus on execution and are pleased that our results exceeded our initial expectations. We remain focused on product innovation to give sellers better ways to market and merchandise their closets and new ways for buyers to discover trends and engage with our marketplace to drive conversion," said Manish Chandra, Founder and Chief Executive Officer of Poshmark.
The company added that user engagement on its marketplace increased 70% year over year to a record 57.5 billion social interactions during the trailing twelve months ended June 30.
Looking ahead, the company sees Q3 revenue between $85 million and $87 million, below the consensus of $88 million.