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Aug. 11, 2022, 4:27 p.m. EDT

Poshmark's stock drops 8% on Q3 revenue guidance

Poshmark Inc.'s stock (NAS:POSH) initially fell 8% before rebounding in extended trading Thursday after the social-commerce marketplace posted fiscal second-quarter revenue largely in line with Wall Street analysts' forecasts but offered guidance that fell short of estimates. Poshmark reported a net loss of $22.9 million, or 29 cents a share, compared with a net loss of $2.55 million, or 3 cents a share, in the year-ago quarter. Revenue increased 9% to $89.1 million from $81.6 million a year ago. Analysts surveyed by FactSet had expected on average a net loss of 23 cents a share on revenue of $87.4 million. Poshmark's third-quarter guidance of between $85 million and $87 million fell short of the $88 million anticipated by analysts polled by FactSet. Shares of Poshmark have cratered 25% this year, while the broader S&P 500 index (S&P:SPX) has declined 12%.

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