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$ThredUp (TDUP.US)$ NEWS ThredUp Announces First Quarter 202...
NEWS
ThredUp Announces First Quarter 2024 Results
ThredUp reported a 5% year-over-year increase in revenue for the first quarter of 2024, reaching $79.6 million.
The company saw a significant gross profit increase of 8% year-over-year, totaling $55.3 million, with a gross margin of 69.5%.
ThredUp anticipates achieving positive adjusted EBITDA margin and free cash flow for 2024, signaling financial strength and growth potential.
The reorganization efforts to embrace an AI-driven operating model resulted in a $17 million reduction in operating expenses, positioning the company for increased efficiency and innovation.
ThredUp's introduction of new AI-powered tools and an online concept store demonstrates the company's commitment to enhancing customer experience and staying at the forefront of technological advancements.
ThredUp reported a 5% year-over-year increase in revenue for the first quarter of 2024, reaching $79.6 million.
The company saw a significant gross profit increase of 8% year-over-year, totaling $55.3 million, with a gross margin of 69.5%.
ThredUp anticipates achieving positive adjusted EBITDA margin and free cash flow for 2024, signaling financial strength and growth potential.
The reorganization efforts to embrace an AI-driven operating model resulted in a $17 million reduction in operating expenses, positioning the company for increased efficiency and innovation.
ThredUp's introduction of new AI-powered tools and an online concept store demonstrates the company's commitment to enhancing customer experience and staying at the forefront of technological advancements.
Despite the positive revenue growth, ThredUp reported a net loss of $16.6 million for the first quarter of 2024, representing a negative 20.8% of revenue.
The company incurred an adjusted EBITDA loss of $0.7 million, equivalent to a negative 0.9% of revenue, highlighting the need for efficiency improvements to achieve profitability.
ThredUp's net loss and adjusted EBITDA margins indicate ongoing challenges in achieving sustainable profitability and financial stability despite revenue growth.
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