: Farfetch stock tanks more than 30% after luxury fashion company misses quarterly revenue expectations
Shars of Farfetch Ltd. FTCH dropped more than 30% in the extended session Thursday after the luxury fashion company reported lower-than-expected sales for its second quarter. Farfetch posted a loss of $281 million, or 68 cents a share, in the quarter, compared with a loss of $68 million, or 50 cents a share, in the year-ago period. Adjusted for one-time items, Farfetch lost 21 cents a share. Revenue fell to $572 million, from $579 million a year ago. FactSet consensus called for a loss of 28 cents a share on sales of $650 million. Farfetch “is growing, becoming more efficient, and executing on our key strategic priorities,” Chief Executive and founder Jose Neves said in a statement. “We have also taken decisive action to adapt to the macro environment of the last 18 months.” Shares of FarFetch ended the regular trading day down 1.7%.
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