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Farfetch News: Why FTCH Stock Is Soaring to a New High

Farfetch (NYSE:FTCH) news for Friday includes the stock continuing to soar higher after releasing its earnings report for the third quarter of 2020 on Thursday. That saw the company report losses per share of 17 cents on revenue of $437.7 million. For comparison, Wall Street was looking for a loss of 40 cents per share on revenue of $367.12 million.

farfetch (FTCH) logo next to a hanger

Source: nikkimeel / Shutterstock.com

Here’s what else investors need to know about the Farfetch earnings news.

  • Adjusted per-share losses are slightly narrower than the 20-cent loss in the third quarter of 2019.
  • Revenue for the quarter is up 71.3% from $255.48 million in Q3 2019.
  • Operating loss of $147.02 million is 30.6% worse year-over-year than $112.56 million.
  • The Farfetch earnings report also has its net loss coming in at $536.96 million.
  • That’s a 493.45% wider net loss than the $90.48 million reported in the same period of the year prior.

José Neves, founder, chairman and CEO of Farfetch, said this about the news.

“What we are seeing is the acceleration of the secular trend of online adoption in luxury – an industry that is still very underpenetrated. The capabilities developed across the Farfetch platform over the past 13 years in anticipation of the eventual digitization of the luxury industry uniquely position Farfetch to capture this opportunity today. And our recently announced partnership with Alibaba and Richemont further position us to seize the opportunity to bring the luxury industry into the next generation and drive sustained growth and market share for many years to come.”

The positive earnings news for Farfetch comes after a similar boost last week. At that time, the company was reportedly in talks to get an investment from Alibaba (NYSE:BABA). The earnings report also makes mention of this as FTCH stock continues to soar higher.

FTCH stock was up 8.3% as of Friday morning.

On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article.

Article printed from InvestorPlace Media, https://investorplace.com/2020/11/farfetch-news-sends-ftch-stock-soaring/.

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