Farfetch Ltd (NASDAQ: FTCH) shared -- a British-Portugues online luxury fashion retail platform with over 700 boutiques and branches worldwide -- plunged on Friday after Q3 losses were reported larger than expected. As of 12:00 PM ET, Farfetch shares dropped by 16.03%.
Farfetch Ltd officially went public on Sep 2018, as the company’s value grew to over $5.8 billion. Shares soared 53% upon the first day of trading, with 2017 estimations saying it was worth $307 billion. The company has a market cap of $3.1 billion as of press time.
The company came out with a quarterly loss of $0.24 per share compared to estimates of $0.18. This is still a positive compared to a loss of $0.25 per share a year ago.
Its quarterly report represents an earning surprise of -33.33%. A quarter ago, it expected to post a $0.26 loss per share compared to its actual $0.21, which was a surprise of 19.23%.
See the $FTCH chart performance here.
Farfetch Ltd stocks reported losses per share that were over analysts’ expectations. The investors’ reaction happened as the company posted $593.36 million in revenues for Q3 that ended in September, missing estimates by 2.77%.
Since investors can’t know for sure whether the company will hit its next forecasts, it is more important to focus on Farfetch’s business. The company’s shares have lost around 72.2% since the start of the year.
See full $FTCH flow at: https://unusualwhales.com/stock/FTCH/flow-overview
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