Figs (NYSE:FIGS) stock is falling hard on Friday following the release of the lifestyle company’s earnings report for the first quarter of 2022.
The damage to FIGS stock comes after the company reported adjusted earnings per share of 5 cents. That’s below the 6 cents per share that Wall Street was looking for. It’s also a drop from the 8 cents per share reported during the same time last year.
Not helping matters is Figs’ revenue of $110.1 million for the first quarter of the year. That’s a major miss next to analysts’ estimate of $117.33 million. This is despite it increasing 26.4% year-over-year from $87.08 million.
Another factor weighing FIGS stock down today is its 2022 outlook. The company cut its revenue guidance from between $550 million and $560 million to between $510 million and $530 million. It cites supply chain issues as the reason for this. It’s worth mentioning that Wall Street is expecting revenue of $556.53 million for the full year of 2022.
Trina Spear, co-founder and co-CEO of Figs, is trying to remain positive.
“Looking ahead, we are well positioned to fuel profitable growth for the years to come due to our strong foundation, recession resistant industry and deep understanding of the healthcare community.”
While that sounds nice, FIGS is still dropping alongside heavy trading today. This has more than 8 million shares on the move as of this writing. That’s well above the company’s daily average trading volume of 2.7 million shares.
FIGS stock is down 24.8% as of Friday morning.
There’s more stock market news for traders to dive into below!
InvestorPlace has all the latest news that investors need to know about for Friday! Among that is what’s going on with shares of Robinhood (NASDAQ:HOOD) stock, Mullen Automotive (NASDAQ:MULN) stock, and Affirm (NASDAQ:AFRM) stock today. You can read up on all of that news at the following links!
More Friday Stock Market News
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- AFRM Stock Climbs 30% After Affirm Beat Q3 Revenue Estimates
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.