Poshmark's first quarter revenue was $90.9 million! GMV increased by 12% year-on-year!

It is learned that according to foreign media reports, the US second-hand e-commerce platform (the US version of "Xianyu") Poshmark recently announced its financial results for the first quarter of 2022. The report shows that the company's revenue this quarter was US$90.9 million, a year-on-year increase of 13%, exceeding expectations.

“In the first quarter of this year, we continued to innovate for buyers and sellers and launched more shopping features,” said Manish Chandra, founder and CEO of Poshmark. “Investments in product innovation and marketing helped the company grow its active buyers to 7.8 million in the quarter, up 16% from the same period last year.”

It is learned that in the twelve months ending March 31, 2022, Poshmark's social interactions increased 59% year-on-year to a record 50.7 billion times.

I. Key indicators and financial highlights

• Gross merchandise value (GMV) reached $493.4 million, up 12% year-over-year, and quarterly GMV has been experiencing year-over-year growth for the past 17 months.
• Active buyers increased to 7.8 million, a year-on-year increase of 16%.
• Net income was $90.9 million, up 13% year-over-year.
• Adjusted EBITDA was $4.7 million, down from $4.8 million in the same period last year.
• GAAP operating profit for the quarter was $14.4 million, down from $20.1 million in the same period last year.
• Non-GAAP net income was $5.7 million, up from $4 million in the same period last year.
• Based on U.S. GAAP, loss per share was $0.18, down from $1.18 in the same period last year.
• As of March 31, 2022, cash and cash equivalents were $596.6 million.
• Free cash flow was $13.9 million, down from $19.8 million in the same period last year.

2. Business Highlights

• In January, Poshmark redesigned its Feed and Shop tabs, modernizing the pages, emphasizing item descriptions and creating more space for descriptions to make it easier for consumers to shop.

• In February, Poshmark launched “Shop by Trend,” a new marketing engine that amplifies the marketing capabilities of its existing brands, and a new messaging tool that allows buyers and sellers to communicate directly after an order is placed.

• In March, Poshmark launched “Posh Ambassador II,” an extension of its Posh Ambassador program designed to provide active community members with additional benefits, such as discounts and offers, and highlight their “gold star” badge on their profiles.

• Poshmark invited more new brands to join its platform, and the GMV of brands increased 2.5 times in the first quarter of 2022 compared with the same period last year.

3. Outlook

Due to the uncertainty of the market economy, Poshmark remains cautious about its development prospects in the second quarter. Poshmark predicts that the revenue in the second quarter of 2022 will be approximately US$86 million to US$88 million, and the adjusted EBITDA range will be approximately US$9 million to US$11 million. In the future, Poshmark will continue to invest in advertising, R&D, marketing, talent and a strong operating mechanism to further improve its development.

Editor ✎ Nicole/

Disclaimer: This article is copyrighted and may not be reproduced without permission.