Jay Sole's questions to RealReal Inc (REAL) leadership • Q1 2025
Question
Jay Sole of UBS inquired about the Q2 revenue guidance, noting its moderation compared to previous quarters, and asked what macroeconomic assumptions were embedded within it.
Answer
CFO Ajay Gopal explained that tariffs have no direct impact on their U.S.-sourced supply. He clarified that the Q2 guidance, with GMV and revenue growth both guided to ~9%, reflects an expected convergence of these two metrics, unlike in the prior year when take rate changes caused revenue growth to outpace GMV growth.