Rent The Runway Inc (NASDAQ:RENT) shares are trading higher in Thursday's after-hours session after the company reported better-than-expected financial results and issued guidance above analyst estimates.
Rent The Runway said first-quarter revenue doubled year-over-year to $67.1 million, which beat the estimate of $64.14 million, according to data from Benzinga Pro. The company reported a quarterly earnings loss of 67 cents per share, which beat the estimate for a loss of 73 cents per share.
"Our strong performance is evidence of our firm position in the broader experience economy, which has enabled us to make significant progress on our path to profitability and achieve record ending Active Subscribers in the first quarter of 2022," said Jennifer Hyman, co-founder and CEO of Rent the Runway.
Rent The Runway expects second-quarter revenue to be between $72 million and $74 million versus the estimate of $70.46 million. The company expects full-year revenue to be between $295 million and $305 million.
Rent the Runway operates an e-commerce platform that allows users to rent, subscribe or buy designer apparel and accessories.
RENT Price Action: Rent The Runway has traded between $24.77 and $3.20 over a 52-week period.
The stock was up 10.5% in after hours at $3.90 at press time.
Photo: Ahmad Ardity from Pixabay.