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.
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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.
