ThredUp rises as revenue beat overshadows forecast cut

ThredUp

15/08/2022 22:30

** Shares in online apparel resale platform ThredUp  TDUP.O 
rise 2% to $3.11 in extended trading
    ** ThredUp Q2 revenue jumps 27% to $76.4 mln, above
Refinitiv IBES estimates of $75.9 million, as customers bought
more secondhand apparel during an economic downturn  urn:newsml:reuters.com:*:nGNX5szsCd
    ** "We believe our model is uniquely positioned to weather
macroeconomic volatility," CEO James Reinhart says in a
statement
    ** However, ThredUp lowers fiscal 2022 revenue forecast
between $283 mln and $287 mln from a prior range of $315 mln to
$325 mln, even as it maintains its gross margin expectation
    ** Through Monday's close, shares had lost more than
three-fourths of their value this year

 (Reporting by Praveen Paramasivam)
 ((Praveen.Paramasivam@thomsonreuters.com;))