Benzinga | Aug 11, 2021 05:44AM EDT

ThredUp Reports Better-Than-Expected Q2 Earnings, Upbeat Outlook

* ThredUp Inc (NASDAQ:TDUP) reported second-quarter FY21 revenue growth of 26.7% year-on-year, to $59.96 million, beating the analyst consensus of $54.31 million.

* The consignment revenue increased 39.2% Y/Y, and product revenue fell 8.5%.

* Active Buyers grew 8% Y/Y to 1.34 million, and Orders improved 22% to 1.22 million.

* Gross profit increased 33.7% Y/Y to $44.1 million with a 390 basis points expansion in profit margin to 73.6%.

* The operating loss widened to $(13.9) million. The Adjusted EBITDA loss was $(9) million.

* The company held $173.1 million in cash and equivalents as of June 30, 2021.

* Loss per share of $(0.15) beat the analyst consensus of $(0.17).

* Outlook: ThredUp sees Q3 sales of $60 million - $62 million, versus the consensus of $57.36 million.

* The company expects FY21 sales of $236 million - $241 million (prior $223 million - $229 million), versus the consensus of $226.35 million.

* Price Action: TDUP shares closed lower by 6.66% at $21.43 on Tuesday.