Farfetch Ltd FTCH shares are trading lower by 13.31% to $7.92 going into the close of Friday's session after the company reported worse-than-expected third-quarter revenues. Gross merchandise value decreased 4.9% year over year.
Farfetch reported quarterly losses of 24 cents per share which beat the analyst consensus estimate of a loss of 27 cents by 11.11 percent. The company reported quarterly sales of $593.36 million which missed the analyst consensus estimate of $598.26 million by 1%. This is a 2% increase over sales of $582.57 million in the same period last year.
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Farfetch also reported a third-quarter adjusted EBITDA loss of $4.1 million. The company has Cash and Cash Equivalents of $487.4 million as of September 30, 2022.
Elliot Jordan, CFO of Farfetch, said: "Our third quarter results show Farfetch is successfully navigating an unprecedented macro environment, with constant currency GMV and Revenue growth, significant gross margin and order contribution margin improvements year-on-year and the early financial benefits from our recent initiatives to rationalize our cost base, which are ongoing. Whilst we continue to manage through the current environment, we remain well capitalized to execute on our long-term vision, and I am confident we will return to profitable growth in 2023."
According to data from Benzinga Pro, FTCH has a 52-week high of $47.22 and a 52-week low of $6.52.
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