Online resale marketplace Poshmark Inc. has agreed to be acquired by South Korea-based Naver Corp. for less than half the price it went public at in January 2021.
Naver's stock, which trades on the South Korean exchange, slumped on the news Tuesday, dropping by nearly 9%. Poshmark's stock rose by about 13%, moving close to the announced sale price. Like many online businesses, Poshmark did well during the pandemic when many people were mostly confined to their homes. Its main business is second-hand clothing but it has added other types of goods that sellers offer, boasting of having more than 80 million registered users. The number that actually bought or sold goods on its platform in the last quarter was about 8 million.
Its revenue growth has slowed and losses widened as life got closer to normal again. It reported $90.9 million in revenue in the quarter ended in March quarter, which fell slightly to $89.1 million in the June quarter. Poshmark's forecast for the quarter that ended last week is for revenue to drop again to between $85 million and $87 million.
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