NEW YORK – Shares of ThredUp Inc. (NASDAQ:TDUP) soared 10% in after-hours buying and selling on Monday after the net resale platform reported better-than-expected third-quarter income and raised its full-year steerage.
ThredUp posted income of $73 million for the quarter, surpassing analyst estimates of $70.14 million. Nevertheless, the corporate’s adjusted loss per share of $0.22 was wider than the $0.15 loss analysts had projected.
Regardless of the combined outcomes, buyers cheered ThredUp’s raised outlook for the complete 12 months. The corporate now expects 2024 income between $300 million and $302 million, up from its earlier forecast and above the $300 million consensus estimate.
“Though we know there is still work ahead, we have made clear progress in course-correcting in the U.S. since last quarter,” mentioned ThredUp CEO James Reinhart in a press release.
The corporate reported 1.63 million lively patrons in Q3, down 7% YoY. Complete orders declined 14% to 1.55 million.
ThredUp additionally introduced it has signed a non-binding time period sheet for a administration buyout of its European enterprise because it appears to be like to concentrate on development alternatives within the U.S. market.
Whereas income declined 11% YoY to $73 million, ThredUp’s gross margin expanded to 71.2% from 69% a 12 months in the past. The corporate’s U.S. adjusted EBITDA turned constructive at $0.7 million.
With momentum constructing in its core market, ThredUp seems positioned for improved efficiency heading into the vacation season and 2025.
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