ThredUp Shares Fall After Widening Loss, Economic Uncertainty

Dow Jones08-06

Shares of ThredUp dropped after the online resale company's net loss widened in its second quarter, as economic uncertainty affects price-sensitive buyers.

The stock was recently down 45% at $3.45 in recent trading, and has fallen 46% since the start of the year.

The company reported a net loss of $5.94 million, or 5 cents a share, compared with a loss of $5.18 million, or 4 cents a share, a year earlier.

Revenue rose 17% to $90.8 million. Analysts polled by FactSet had expected $90.3 million.

Chief Executive James Reinhart said the company was updating its guidance for the second half of the year to reflect ongoing economic uncertainty affecting price-sensitive buyers.

For the third quarter, the company anticipates revenue between $87 million and $89 million. Analysts polled by FactSet are expecting $88.1 million.

For the fourth quarter, ThredUp projects revenue between $85 million and $87 million. Wall Street is expecting $86.2 million.

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