Thredup, Inc. ( (TDUP) ) has released its Q3 earnings. Here is a breakdown of the information Thredup, Inc. presented to its investors.
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ThredUp, Inc. is a leading online resale platform specializing in apparel, shoes, and accessories, leveraging technology to promote sustainable shopping practices by offering secondhand items at discounted prices.
In its third-quarter 2024 earnings report, ThredUp announced a total revenue of $73 million, which marks an 11% decrease compared to the previous year. Despite the revenue drop, the company has emphasized its ongoing progress in the U.S. market and has raised its guidance for the fourth quarter and full fiscal year 2024.
Key financial metrics for the period include a gross margin of 71.2% and a net loss of $24.8 million, with the latter being impacted by an impairment charge related to its European operations. The company also reported a decline in active buyers and orders, reflecting a challenging market environment. Notably, ThredUp is planning to divest its European business and is focusing on strengthening its U.S. operations.
ThredUp’s management remains optimistic about the future, citing improved momentum in its marketplace and the recent launch of AI tools as positive developments. The company is also engaged in legislative efforts to promote sustainable consumption, demonstrating its commitment to environmental sustainability. Looking ahead, ThredUp is poised to capitalize on growth opportunities in the U.S. market with an enhanced revenue outlook for the upcoming quarter and fiscal year.
