Why Allbirds Stock Is Falling 30%

Allbirds Inc BIRD shares are trading lower by 31.57% to $1.62 Friday morning after the company reported worse-than-expected fourth-quarter financial results.

What Happened?

Allbirds reported quarterly losses of 17 cents per share which missed the analyst consensus estimate of a loss of 12 cents.

The company reported quarterly sales of $84.18 million which missed the analyst consensus estimate of $96.80 million by 13%. This sales figure is a 13.4% decrease over sales of $97.22 million in the same period last year.

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Allbirds also reported a fourth quarter 2022 adjusted EBITDA loss of $12.5 million, including a $3.5 million loss primarily associated with the previously announced discontinuation of certain first-generation apparel.

Following the earnings print, Allbirds stock also had a number of analyst rating revisions.

What Else?

"2022 marked the end of our first full year as a public company and while we made important progress, the year came to a challenging close, with results below our expectations due to both execution and macro challenges. We need to improve performance, and are announcing a new transformation plan to reinvigorate the business with an emphasis on profitable growth," said Joey Zwillinger, Co-Founder and Co-CEO.

"Our focus is on four key areas to help Allbirds reconnect with our core consumers and meet new customers in a more capital efficient and profitable way."

According to data from Benzinga Pro, Allbirds Inc has a 52-week high of $6.85 and a 52-week low of $1.55.