BARK Inc. ( NYSE: BARK ) stock rose by double-digits shortly after Wednesday’s market open following a better than expected earnings result.
For its first fiscal quarter of 2023 reported on Tuesday evening, the company notched a lighter non-GAAP EPS loss than anticipated alongside a narrow beat on revenue. Average order value also increased by $1.86 to $31.07, 6% higher than the comparable period of 2021.
"We hit the ground running in fiscal 2023, executing across all of the key priorities that we laid out for the year. We are acquiring higher-value customers, growing our average order value at a healthy rate, and introducing more customers to our offerings in Food and Dental," CEO Matt Meeker said. "We have also made material improvements to our margin and cost structure, which we believe will allow us to achieve greater operating leverage and accelerate our path toward profitability."
Net losses for the quarter totaled $15.4M, as compared to $24.8M in the previous year’s quarter.
Moving forward, management reiterated full-year guidance on revenue and adjusted EBITDA while projecting above-consensus sales for the current quarter. Guidance on net losses for the coming quarter was not provided.
Shares rose 13.48% on Wednesday.
Read more on the details of the quarter .
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BARK stock boosted by earnings beat, reaffirmed forecast