Poshmark, the popular resale platform, has exceeded expectations in its performance for the third quarter despite a challenging consumer landscape. The California-based company reported a revenue increase of 11% to $88.4 million for the quarter. This growth can be attributed to a single-digit increase in the platform’s gross merchandise value (GMV) over the three months.

Despite experiencing a widening of losses during the quarter, from a net loss of $6.9 million in the previous year to $23.5 million, Poshmark remains optimistic about its long-term prospects. The third quarter saw a 7% increase in GMV, reaching $475.6 million, marking the 19th consecutive quarter of growth for the second-hand marketplace. Additionally, the platform achieved a record of 8.2 million active buyers in the trailing 12 months, representing a 13% increase.

Founder and CEO of Poshmark, Manish Chandra, expressed satisfaction with the company’s performance, stating, “We reported another strong quarter and are pleased that our results exceeded our initial expectations, despite a tough consumer environment.” Chandra attributes Poshmark’s success to its status as a go-to destination for fashion, as evidenced by its growing user base and engagement.

Poshmark’s positive Q3 results follow its acquisition by South Korean tech company Naver Corp for $1.6 billion, marking their first earnings update as part of Naver Corp. As Poshmark embarks on a new phase of growth, it is excited about the partnership and the opportunities it brings.

Chandra acknowledges that the retail industry is rapidly evolving, but he is confident that Poshmark can continue to lead the future of shopping. By prioritizing user experience and sustainability, the company aims to provide its community with a seamless and enjoyable shopping experience. As Poshmark expands its platform, improves its products, and explores new markets, its commitment to being the ultimate destination for fashion enthusiasts remains unwavering.

Useful links:
1. Poshmark Official Website
2. Article on Poshmark’s IPO Valuation