Why Bark (BARK) Shares Are Gaining Today - BARK (NYSE:BARK)

Bark Inc 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.

Bark Shares Pop On Solid Q1 Earnings