By Sam Boughedda
Investing.com — Shares of social commerce market Poshmark Inc (NASDAQ:) jumped 17% Friday after the corporate topped analyst estimates when it reported its first-quarter earnings after the shut Thursday.
The corporate posted a of $0.18 on income of $90.9 million, beating expectations of a $0.25 per share loss and income of $87.6 million.
Poshmark mentioned trailing 12 months, Energetic Consumers reached a document 7.8 million, representing a 16% year-over-year acquire from 6.7 million within the first quarter of 2021. In the meantime, gross merchandise worth was $493.4 million, a 12% year-over-year rise from $441 million within the first quarter final yr.
“Our investments in product innovation and advertising contributed to document Energetic Purchaser development to 7.8 million within the first quarter, up 16% from the identical interval final yr,” mentioned Manish Chandra, Founder and Chief Government Officer of Poshmark.
Moreover, the corporate noticed social interactions develop 59% year-over-year to a document 50.7 billion throughout the trailing twelve months ended March 31.
Poshmark sees second-quarter income between $86 million and $88 million.