Poshmark, the American version of Xianyu, had Q3 performance lower than expected, but GMV increased by 18%!

Recently, Poshmark, a second-hand e-commerce platform in the United States, announced the company's third-quarter financial results as of September 30, 2021. The data shows:

Poshmark's third-quarter GMV was $442.5 million, an 18% year-over-year increase from $ 375.4 million in the third quarter of 2020. The quarterly GMV has increased year-over-year for the past 15 quarters;

Active buyers in the past 12 months reached 7.3 million in the third quarter of 2021, a year-on-year increase of 17% from 6.2 million in the third quarter of 2020;

Net income was $79.7 million, up 16% year-over-year from $68.8 million in the third quarter of 2020.

Adjusted EBITDA was $0.3 million in the third quarter of 2021 , down from $15 million in the third quarter of 2020. Adjusted EBITDA margin was 0.3% in the third quarter of 2021.

GAAP operating results for the third quarter of 2021 were a loss of $7.2 million, compared to revenues of $11.7 million in the third quarter of 2020 .

Non- GAAP operating results (excluding stock-based compensation) were a loss of $0.6 million ;

Poshmark founder and CEO Manish Chandra said that Poshmark 's asset-light model is able to adapt to changing consumer needs while being unaffected by supply chain disruptions, allowing it to thrive in the current environment. Despite fierce competition and the headwinds of Apple's privacy changes, Poshmark still achieved a solid quarter and its sixth consecutive quarter of operating profitability .

According to the announcement, in late July Poshmark expanded its partnership with Affirm, adjusting the range of their split payment product from $200 to between $50 and $200.

In September, the platform entered the Indian market , which was also the first time Poshmark brought their community and market to the Asian market. In October, Suede One, a platform that combines machine learning, computer vision and expert human review, can virtually authenticate sneakers. At the end of the same month, the company launched the Brand Closets program.

Poshmark is a second-hand trading platform in the United States. They provide new and second-hand products for women, men, children, pets, families, etc. It has a community of more than 80 million registered users in the United States, Canada, Australia and India, and the platform is also committed to sustainable development.

Poshmark

Q3