RTTNews | Nov 16, 2021 10:04AM EST

10:04 Tuesday, November 16, 2021 (RTTNews.com) - Shares of pleasure and leisure lifestyle company PLBY Group, Inc. (PLBY) are up more than 13% in the morning trade on Tuesday on significant revenue growth in the third quarter.

Revenue in the third quarter grew 67% year-over-year, to $58.36 million, driven primarily by direct-to-consumer revenue growth of more than 100%.

However, PLBY Group reported net loss of $7.7 million or $0.18 per share in the third quarter, compared with net income of $1.27 million or $0.05 per share in the same quarter a year ago, on higher expenses.

The company had selling and administrative expenses of $38.65 million in the latest quarter, compared with $14.46 million last year.

"We're very excited to soon launch CENTERFOLD, our new creator-led platform that will empower the creative and influencer community to interact directly with their fans and build their own recurring revenue businesses. Our recent acquisition of the Dream platform, and its technology team, will accelerate our timeline to market, and provide crucial in-house development resources to help us scale quickly," said Ben Kohn, Chief Executive Officer of PLBY Group.

PLBY, currently at $35.24, has traded in the range of $10.02- $63.04 in the last one year.

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