Shares of ThredUp dropped nearly 8% in after-hours trading Wednesday as investors gave the cold shoulder to both online secondhand retailers reporting quarterly results in the extended session.
reported a narrower-than-expected first-quarter loss and sales that were above forecast. Earlier Wednesday, Poshmark Inc. also reported a quarterly beat, but shares tanked as well.
The online secondhand retailer said it lost $16.2 million, or 86 cents a share, in the quarter, compared with a loss of $13.2 million, or $1.23 a share, in the first quarter of 2020.
Sales rose 15% to $55.7 million, the company said. ThredUp said it had 1.29 million active buyers in the quarter.
Analysts polled by FactSet expected the company to report a GAAP loss of $1.02 a share on sales of $48.4 million.
Shares in the online secondhand retailer began trading on March 26.
The company guided for sales between $53 million and $55 million for the second quarter, also above expectations of analysts surveyed by FactSet, who see sales around $49 million for the quarter.
For fiscal 2021, the company called for revenue between $223 million and $229 million, and gross margin in a range between 70% and 72%.
ThredUp shares ended the regular trading day up 3.8%.