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    AAPL   US0378331005

APPLE INC.

(AAPL)
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Poshmark flags bigger-than-expected hit from Apple privacy change, shares dive

11/09/2021 | 05:58pm EST
A woman walks through Times Square as a screen displays the company logo for Poshmark Inc. during it's IPO at the Nasdaq Market Site in Times Square in New York

(Reuters) - Poshmark Inc forecast holiday-quarter revenue below estimates on Tuesday due to a bigger-than-expected hit from the recent changes in Apple's privacy policy that has limited advertisers' ability to attract new customers.

Shares in Poshmark, which went public in January, fell 27% in extended trading, as it also missed third-quarter revenue estimates a day after rivals ThredUp Inc and RealReal beat expectations.

Apple Inc launched a privacy update in April, preventing advertisers from tracking iPhone users without their consent, sparking an uproar from major social-media companies such as Facebook and Snap Inc, which have warned of a prolonged hit from the changes.

Meta-owned Facebook has said the change would impede businesses' ability to cost-effectively target local customers with advertisements.

Poshmark said it was spending more on marketing, directing funds toward TV advertisements and partnering with social media influencers to counter the impact of Apple's privacy changes.

The increased expenditure, however, has led Poshmark to report a third-quarter loss of 9 cents per share, bigger than analysts' estimates of a loss of 7 cents per share, according to IBES data from Refinitiv.

The company's downbeat results come amid intensifying competition among resale platforms looking to attract shoppers turning to secondhand apparel as traditional retailers face shortages of new clothing.

ThredUp, which went public in March, forecast fourth-quarter revenue above estimates and said it was lowering prices to attract customers at a time clothing retailers have been increasing rates to counter surging costs and supply bottlenecks.

Poshmark forecast fourth-quarter revenue of $80 million to $82 million, compared with analysts' estimates of $85.2 million,

Poshmark said third-quarter revenue rose 16% to $79.7 million, missing analysts' average estimate of $82.7 million.

(Reporting by Uday Sampath in Bengaluru; Editing by Vinay Dwivedi)


ę Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
APPLE INC. -2.10% 166.23 Delayed Quote.-4.38%
POSHMARK, INC. -0.13% 15.15 Delayed Quote.-10.92%
THE REALREAL, INC. -3.00% 10.02 Delayed Quote.-11.03%
THREDUP INC. -1.11% 9.82 Delayed Quote.-22.18%
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Analyst Recommendations on APPLE INC.
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Financials (USD)
Sales 2022 381 B - -
Net income 2022 92 727 M - -
Net cash 2022 80 214 M - -
P/E ratio 2022 29,1x
Yield 2022 0,56%
Capitalization 2 715 B 2 715 B -
EV / Sales 2022 6,91x
EV / Sales 2023 6,54x
Nbr of Employees 154 000
Free-Float 99,9%
Chart APPLE INC.
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Apple Inc. Technical Analysis Chart | AAPL | US0378331005 | MarketScreener
Technical analysis trends APPLE INC.
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Income Statement Evolution
Consensus
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Mean consensus BUY
Number of Analysts 44
Last Close Price 166,23 $
Average target price 179,26 $
Spread / Average Target 7,84%
EPS Revisions
Managers and Directors
Timothy Donald Cook Chief Executive Officer & Director
Luca Maestri Chief Financial Officer & Senior Vice President
Arthur D. Levinson Independent Chairman
Kevin M. Lynch Vice President-Technology
Jeffrey E. Williams Chief Operating Officer
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