Farfetch (NYSE:FTCH) stock is taking a beating on Friday after releasing a disappointing earnings report for the second quarter of 2023.
The bad news starts with the luxury fashion company’s adjusted earnings per share of -21 cents. Even if that’s better than Wall Street’s estimate of -23 cents. The problem is that it’s no better than what was reported in the same period of the year prior.
Also of note for FTCH stock is the company’s revenue of $572.09 million reported in Q2. That’s well below the $650.71 million analysts were looking for during the quarter. It’s also down from the $579.35 million reported in the second quarter of 2022.
José Neves, founder, chairman, and CEO of Farfetch, said the following in the earnings report:
“Our Q2 results show Farfetch is growing, becoming more efficient, and executing on our key strategic priorities. We have also taken decisive action to adapt to the macro environment of the last 18 months.”
FTCH Stock Outlook
With that latest earnings report also comes an updated outlook for the full year of 2023. This has the company expecting revenue for the year to come in at about $2.5 billion. That’s not what investors wanted to hear when Wall Street’s estimate is sitting at $2.8 billion.
FTCH stock is down 42.6% as of Friday morning, with some 5 million shares traded. Its daily average trading volume is about 12.4 million shares.
Investors looking for more of the most recent stock market news are in the right place!
InvestorPlace is offering up all of the hottest stock market news worth reading about on Friday! A few examples include why shares of Avalo Therapeutics (NASDAQ:AVTX) and Neptune Wellness Solutions (NASDAQ:NEPT) stock are up, as well as the biggest pre-market stock movers this morning. All of that news is ready to go at the links below!
More Friday Stock Market News
- Why Is Avalo Therapeutics (AVTX) Stock Up 19% Today?
- Why Is Neptune Wellness Solutions (NEPT) Stock Up 72% Today?
- Today’s Biggest Pre-Market Stock Movers: 10 Top Gainers and Losers on Friday
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.
