👀 Ones to watch: The MOST undervalued stocks to buy right nowSee Undervalued Stocks

Rent the Runway beats revenue expectations and raises guidance

Published 12/07/2022, 04:26 PM
Updated 12/07/2022, 04:32 PM
© Reuters.
RENT
-

By Liz Moyer

Investing.com -- Rent the Runway Inc (NASDAQ:RENT) beat revenue expectations and raised its guidance for the full year.

The stock rose 8%  in after hours trading but is down 83% so far this year.

Rent the Runway said revenue rose 31% from last year, to $77.4 million. Active subscribers rose 15%, to 134,240, and total subscribers rose 17%. A loss per share of 56 cents met expectations.

The subscription-based fashion platform has been restructuring to drive growth initiatives. It had forecast third-quarter revenue of $72M to $74M.

It said fourth-quarter revenue should be in that range and raised its guidance for fiscal 2022 revenue to a range of $293M to $295M. 

Its restructuring, which cut 24% of the workforce, is aimed at generating annual savings of $25M to $27M.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.