The following is a summary of the 1stdibs.Com, Inc. (DIBS) Q1 2024 Earnings Call Transcript:
Financial Performance:
1stdibs.Com reported a Gross Merchandise Value (GMV) of $91.7 million for Q1 2024, indicating a 6% decline year-on-year but showing a 6% growth on a sequential basis.
The company achieved revenue of $22.1 million, experiencing a 1% fall from the previous year.
The company successfully enhanced its EBITDA margins, resulting in an adjusted EBITDA loss of $1.8 million, a significant improvement from a loss of $5.2 million the previous year.
On a positive note, the company's active buyers stabilized and their take rates on revenue increased sequentially.
Business Progress:
1stdibs.Com successfully released a series of new features which have contributed to seven consecutive quarters of conversion rate improvements.
The company continues its strategy of streamlining operations and prioritizing high-return opportunities, this has manifested in a rise in their listings to over 1.7 billion, up 9%.
Their strategy for 2024 encompasses plans for growth while maintaining a lean cost structure. They aim to achieve this by focusing their initiatives on a personalized and frictionless buying experience, competitive inventory, and pricing and scalability.
The company has over 7,600 unique sellers, up 6% year-over-year and has plans to expand their A/B testing program and maintain their product velocity.
Their forecast for Q2 2024 highlights expectations of further conversion gains, a return to order growth, and a projected growth in revenue.
More details: 1stdibs.com IR
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