Shares of Poshmark (POSH) declined after hours Tuesday after the online secondhand fashion marketplace reported second-quarter results ahead of analyst estimates.
The Redwood City, Calif., company reported a second-quarter net loss of 4 cents a share on revenue of $81.8 million, a 22% year-over-year increase.
Analysts were expecting the company to lose 7 cents a share with revenue of $80.3 million.
"We are uniquely positioned to benefit from today's seismic shift in fashion, the pent-up demand for purchases across a wider range of apparel and accessories, and increased consumer interest in sustainability," CEO Manish Chandra said.
Poshmark shares on Tuesday declined 7% to $30.67 in after hours trading at last check. The stock had closed down 5.6% to $33 per share.
For the third quarter, the company expects revenue to come in between $81 million and $83 million. FactSet analysts are expecting revenue of $82.1 million.
The company reported that its gross merchandise value increased 25% year-over-year to $449.6 million, marking the 14th consecutive quarter of growth.
"Our marketplace is highly adaptable and responsive to consumer demands for a refreshed wardrobe, whether people are staying at home or returning to work and school and engaging in more social activities," Chandra said.
In May, Poshmark announced a partnership with Snap Inc. SNAP that allows Snapchat users in the U.S. to use the Poshmark Mini to ship on the platform using the company's interface.
This partnership "allows us to create more engaging, dynamic and personalized shopping experiences everywhere consumers are," Steven Tristan Young, Poshmark's chief marketing officer, said in a statement.