ThredUp soars on Q2 earnings beat and record quarterly revenue

ThredUp surged 8% in after-hours trading Monday after the online resale platform posted stellar Q2 earnings results.

Losses per share came in at $0.04, slightly ahead of the $0.05 loss analysts polled by FactSet were expecting. Revenue came in at a quarterly record of $77.7 million, up 16% from a year ago and well ahead of Street estimates of $73.8 million and the the company’s previous guidance of $72.5 million to $74.5 million.

The stock has soared over 500% in the past 12 months, buoyed largely by growing millennial and Gen Z demand for secondhand apparel and broader retail interest in sustainable fashion.

In an interview with Sherwood News, CEO James Reinhart said the company has benefited from being “laser-focused” on the US market and leveraging AI both under the hood and in customer-facing features.

Prior to the earnings move, ThredUp shares were up 586% year to date.

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Nia Warfield, Luke Kawa

11h

Another record high for stocks as tech heavyweights put market on their shoulders

All of the gains on Monday are attributable to Nvidia and Apple.

Bull charging across sand creating dust cloud

Max Knoblauch14h

Chinese EV maker Nio sinks as a surge of orders for its new SUV create a 6-month backlog

Shares of Nio are falling Monday on the bittersweet news that its latest SUV (the ES8, priced to compete with Tesla’s Model Y) is too popular.

According to Chinese media reports, up to 50,000 ES8 orders may have been placed in the vehicle’s first 36 hours, surpassing Nio’s 40,000-vehicle production cap for this year.

Customers now ordering the ES8 won’t receive their vehicle for 24 to 26 weeks, or six months.

Nio CEO William Li said that the ES8’s production capacity will reach 15,000 units by December.

Nio Says ES8 Orders Placed Today Face 6-Month Wait

Customers now ordering the ES8 won’t receive their vehicle for 24 to 26 weeks, or six months.

Nio CEO William Li said that the ES8’s production capacity will reach 15,000 units by December.

Jon Keegan, Nate Becker

15h

Nvidia jumps on plans to invest up to $100 billion in OpenAI as part of data center expansion

Shares of Nvidia vaulted on the news, as CEO Jensen Huang says the new project would involve 4 million to 5 million GPUs.

J. Edward Moreno

16h

Moderna rises after RFK Jr. vaccine panel’s less-draconian-than-expected Covid recommendation

While ACIP’s vote means less people may be able to access Moderna’s vaccine than before, it’s less severe than the outright ban some were expecting.

Matt Phillips16h

US toys with making the world’s worst investment

Argentinian government bonds are up big today on reports that the US is considering some sort of a bailout for the chronically messy Latin American economy currently led by Trump-allied right-wing populist Javier Millei.

The country’s foreign minister knocked down previous reports that Argentina was negotiating a $30 billion loan with the US.

But Treasury Secretary Scott Bessent just came out saying that “all options” are being considered to stabilize the country’s currency, which plunged as Millei’s attempt to radically remake the economy with deep spending and tax cuts has shown signs of sputtering amid a series of government corruption scandals. Bessent even went so far as to say Argentina is a “systemically important” US ally, using a term of art that’s often bandied about when bailouts are in the offing.

For the record, lending Argentina US taxpayer money seems a bad idea.

The country has defaulted on foreign loans nine times, giving it one of the world’s worst credit histories. In fact, it’s defaulted three times since 2000, including in 2019, after the last attempt to “reform” the country lured in foreign lenders once again.

Bessent Says ‘All Options’ on Table to Steady Milei’s Argentina

For the record, lending Argentina US taxpayer money seems a bad idea.

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