Poshmark warns of marketing hit from Apple’s ad tracking changes

Second-hand retailer Poshmark Inc on Tuesday forecast third-quarter revenue largely below estimates and warned that its marketing efforts were taking a hit from Apple Inc’s new privacy controls over digital advertising tracking.

Poshmark’s shares slipped 7% in after hours trading, poised to settle more than 25% below its initial public offering price in January.

Apple in April enforced a rule requiring developers to seek permission for gathering data that can be used to track users across other sites and apps. Facebook Inc had criticized the policy, saying it could harm customers.

Poshmark, which relies on social media marketing to draw in shoppers, felt the impact of Apple’s new policy late in the second quarter and expects it to continue into the current quarter as well, Chief Executive Officer Manish Chandra told Reuters in a call.