Allbirds (NASDAQ:BIRD) stock is falling hard on Friday following the release of its earnings report for the fourth quarter of 2022.
The bad news for BIRD stock starts with its earnings per share of -17 cents. That’s worse than the -12 cents per share Wall Street was expecting. It’s also wider than the -9 cents per share reported in the same period of the year prior.
To go along with this, the company’s revenue for the quarter came in at $84.18 million. Yet again, that failed to reach analysts’ estimate of $95.99 million. It’s also down 13.4% year-over-year compared to $97.22 million.
That earnings report also includes revenue guidance of $45 million to $50 million for Q1 2023. That would miss Wall Street’s revenue estimate of $65.02 for the quarter. It would also see revenue drop between 20% to 28% from what was reported in Q1 2022.
More Bad News for BIRD Stock
On top of all this, Allbirds also announced a transformation plan in an effort to improve performance, reinvigorate the business, and return to profitable growth. As part of that plan, the company is changing up its leadership team.
The first of those leadership changes have CFO Mike Bufano being replaced. Taking over the position is Annie Mitchell. She’s joining the company after serving as the vice president of finance and insights at Gymshark. Bufano will remain at Allbirds through mid-May to ensure a smooth transition.
BIRD stock is down 21.6% as of Friday morning.
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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.
