Allbirds Stock Falls After Earnings: Here's Why

Allbirds, Inc. BIRD reported its fourth-quarter financial results after the bell Tuesday. Here's a look at the details. 

The Details: Allbirds reported quarterly losses of 37 cents per share which missed the analyst consensus estimate of losses of 23 cents by more than 60%.

Quarterly sales came in at $71.99 million, beating the analyst consensus estimate of $69.058 million by 4.25% and representing a 14.48% decrease over sales of $84.178 million from the same period last year.

In the fourth quarter, net revenue decreased 14.5% to $72 million compared to the fourth quarter of the prior year, primarily attributable to a lower average selling price, driven by increased promotional activity.

The company announced COO Joe Vernachio was appointed CEO, effective March 15.

“The Company made meaningful progress in 2023 both operationally and financially, ending the year in a much stronger position,” said Joey Zwillinger, CEO of Allbirds.

“With the transformative actions we completed over the past year, coupled with world-class leadership, I am confident in the team, and in particular, Joe Vernachio’s stewardship of the brand for this next chapter for Allbirds,” added Zwillinger.

Related News: Asana Reports Q4 Results: EPS Beat, Revenue Beat

BIRD Price Action: Allbirds shares are trading down 19.35% after-hours at $0.75 at the time of publication Tuesday.

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