Sam Boughedda

Investing.com — The social commerce marketplace shares Poshmark Inc (NASDAQ 🙂 rose 17% Friday following the firm’s first-quarter earnings report. Analyst expectations were exceeded by Inc. 

Company posted $0.18 revenue of $90.9million, which beat expectations for a $0.25 per-share loss and revenue $87.6million. 

Poshmark reported that Active Buyers increased by 16% from the first quarter 2021 to 7.8 million over 12 months. The gross merchandise value reached $493.4million, an increase of 12% over the $441 million recorded in Q1. 

 “Our investments in product innovation and marketing contributed to record Active Buyer growth to 7.8 million in the first quarter, up 16% from the same period last year,” said Manish Chandra, Founder and Chief Executive Officer of Poshmark.

In addition, social interactions grew 59% year over year at a company record of 50.7 billion in the 12 months to March 31.

Poshmark reports second-quarter revenues between $86 million to $88 million