Poshmark sinks after co flags bigger hit from Apple privacy policy changes

Realreal

10/11/2021 11:07

** Shares of second-hand apparel retailer  POSH.O  plunge
more than 29% to $17.33 premarket
    ** Stock set to open at its lowest level since Nasdaq debut
in January, on track for biggest daily fall
    ** POSH forecast holiday-quarter revenue below estimates on
Tuesday, warning of a bigger-than-expected hit from Apple's
 AAPL.O  recent privacy policy changes  urn:newsml:reuters.com:*:nL4N2S04GW
    ** POSH added it was spending more on TV advertisements and
partnering with social media influencers to counter the impact
of the privacy update
    ** Co also missed analysts' estimate for Q3 revenue and
posted a bigger-than-expected loss 
    ** Meanwhile, rivals ThredUp  TDUP.O  and RealReal  REAL.O 
reported upbeat quarterly results, with TDUP raising its FY
sales forecast  urn:newsml:reuters.com:*:nL4N2S02TQ urn:newsml:reuters.com:*:nL4N2S0473
    ** As of last close, POSH was down ~75% from its Jan IPO,
while TDUP was up ~10% from its March IPO; REAL had fallen ~17%
YTD

 (Reporting by Deborah Sophia in Bengaluru)
 ((DeborahMary.Sophia@thomsonreuters.com;))