Stitch Fix (NASDAQ:SFIX) stock is unwinding on Wednesday and it has to do with the company’s most recent earnings report.
The online styling service released its earnings report for its fiscal first quarter of 2022 after markets closed yesterday. The report was mixed with earnings performing well, but Stitch Fix’s guidance not doing so hot.
Let’s break down the earnings results below!
SFIX Stock Earnings
Stitch Fix starts off its report with diluted losses per share coming in at 2 cents. That’s better than the -14 cents per share that Wall Street was expecting. However, It’s still a negative switch from the company’s diluted earnings per share of 9 cents in the same period of the year prior.
The Stitch Fix earnings report also contains revenue of $581.24 million. Yet again, that beats out analysts’ estimate of $571 million for the quarter. In addition to that, it also represents a 19% increase year-over-year from revenue of $490.42 million.
Now let’s talk about that guidance.
SFIX Stock Guidance
The Stitch Fix guidance for its fiscal second quarter of 2022 is disappointing investors. It includes expectations for revenue between $505 million and $520 million. That would easily have the company missing Wall Street’s revenue estimate of $584.7 million for the quarter.
So how is this news treating SFIX stock today? We’re seeing heavy trading of the shares with some 13 million on the move as of this writing. That’s a major jump over the company’s daily average trading volume of 2.8 million shares.
SFIX stock is down 23% as of Wednesday morning and is down 65.7% since the start of the year.
Investors looking for more stock market news today will want to stick around!
We’ve got all the latest stock happenings that traders need to know about. Included in that is Planet Labs starting to trade today after its SPAC merger with dMY Technology Group IV (NYSE:DMYQ), this morning’s biggest pre-market stock movers, and more. You can find all of that at the links below!
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.