Why Poshmark Stock Got Crushed Today
Shares of Poshmark (NASDAQ: POSH), a clothing resale e-commerce company, got crushed on Thursday after the company reported financial results for the first quarter of 2021. Results exceeded expectations but investors are worried about forward guidance, resulting in the stock's continued slide. As of 10 a.m. EDT, Poshmark stock is down 17% and has now plummeted 64% from its all-time high earlier this year.
Poshmark just had its initial public offering (IPO) in January, pricing at $42 per share and closing its first day of trading over $100 per share. Since then, the stock has been steadily declining, heightening investors' anticipation for its Q1 report. In Q1, Poshmark generated revenue of $81 million, up 42% from the same quarter last year. For perspective, management had only guided for Q1 revenue of $75.5 million to $77.5 million.
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Source Fool.com
