HomeTop MoversHere is why Poshmark Inc. (POSH) stock Slid down on Tuesday?

Here is why Poshmark Inc. (POSH) stock Slid down on Tuesday?

Poshmark Inc. (POSH) shares declined 6.97% in after-hours on Tuesday, August 10, 2021, and closed the daily trading at $30.70 per share. In the regular trading session on Tuesday, POSH’s stock lost 5.58%. POSH shares have moved down by 8.74% in the past week. Over the past three months, the stock has lost 25.09%, while over the past six months, it has shed 54.24%. The company has a current market of $2.52 billion and its outstanding shares stood at 75.29 million.

Let’s have a brief look at its recent news.

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POSH latest financial results announcement

On August 10, 2021, Poshmark, Inc. (POSH) announced financial results for the second quarter ended June 30, 2021.

Q2 2021 financial highlights

  • POSH posted net revenues of $81.8 million in Q2 2021 compared to $66.9 million in the second quarter of 2020.
  • Total cost and expenses were $84.16 million in Q2 2021 compared to $45.5 million in Q2 2020.
  • In Q2 2021 GAAP operating loss was $2.9 million compared to operating income of $21.3 million in the second quarter of 2020.
  • Net loss per share was $0.04 in Q2 2021 compared to $0.61 in Q2 2020.
  • Adjusted EBITDA was $6.1 million in Q2 2021 compared to $23.7 million in the second quarter of 2020.
  • As of June 30, 2021, the company had cash, cash equivalents, and marketable securities of $579.5 million.

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The financial outlook for Q3 2021

For Q3 2021, the company is expecting

  • Revenue in the range of 81.0 million to $83.0 million.
  • Adjusted EBITDA in the range of $1.0 million to $2.0 million

POSH made new appointments

On August 9, 2021, Poshmark, Inc (POSH), appointed Ebony Beckwith, Chief Philanthropy Officer at Salesforce and CEO of the Salesforce Foundation, to its board of directors, effective immediately. With the new appointment, Poshmark’s board consists of eight members.

Earlier on June 07, 2021, Poshmark announced the resignation of Chief Financial Officer Anan Kashyap. Kashyap will leave in August after the completion of Poshmark’s second-quarter 10-Q filing and will remain engaged with the company as an advisor until the end of the year.

POSH launching in India

On August 2, 2021, Poshmark, Inc. (POSH) announced plans to bring its simple, social, and sustainable shopping experience to India. Consumers in India will be able to join Poshmark’s thriving community of millions of users in the U.S., Canada, and Australia to make money, save money, find human connections, and fuel entrepreneurship by the end current quarter.

The company also appointed two new leaders to support its global expansion. Ms. Sylvie De Wever, who joins as Poshmark’s first Vice President and General Manager of International, and Ms. Anuradha Balasubramanian, General Manager of Poshmark India.

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The POSH stock went down after the company missed financial estimates for Q2 2021 and hence its stock faced the consequences. It can further face a decline in the coming days.

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