- Bark Inc (NYSE:BARK) reported first-quarter FY23 sales growth of 12% year-on-year, to $131.15 million, beating the consensus of $130.15 million.
- The average order value increased 6% Y/Y to $31.07.
- Direct to customer revenue rose 12% Y/Y to $118.4 million, and Commerce revenue increased 4% to $12.8 million.
- Gross profit for the quarter grew 8.6% to $75.8 million, with a gross margin contracted 100 basis points to 58%.
- General and administrative expenses rose 14.5% to $79.6 million.
- The company held $177.2 million in cash and equivalents as of June 30, 2022.
- Adjusted EBITDA loss expanded to $(13) million versus $(7.6) million last year.
- Adjusted EPS of $(0.09) beat the analyst consensus of $(0.12).
- Outlook: Bark reiterated its FY23 revenue outlook of $556 million versus the consensus of $556.15 million.
- The company raised FY23 adjusted EBITDA guidance to $(33) million from the previous forecast of $(36) million.
- It sees Q2 revenue of $135 million versus the Street view of $133.3 million and adjusted EBITDA of $(8) million.
- Price Action: BARK shares are trading higher by 13.56% at $2.01 in premarket on the last check Wednesday.
Short Sellers Are Ramping Up Their Bets Against Tech Stocks: Analyst Says This May Be A ‘Bear Rally’
The technology sector has taken quite a hit so far in 2022 as investors bet that rising interest rates could weigh on tech stock growth rates. Tech short sellers have done fairly well so far this year, but a new report by S3 Partners analyst Ihor Dusaniwsky suggests short sellers expect more weakness ahead for tech stocks.
