Why Farfetch Shares Dropped 12% on Friday
Shares of Farfetch (NYSE: FTCH), a technology platform for luxury fashion that connects creators and consumers, are down 12% on Friday even though the company topped analysts' estimates during the first quarter.
Revenue increased 90% year over year during the first quarter to $331 million, easily beating analysts' estimates of $313 million. Farfetch's adjusted earnings per share checked in with a $0.24 loss, which was clearly better than the loss of $0.35 per share analysts estimated. First-quarter gross merchandise value (GMV) was up 46% versus the prior year, with its digital platform GMV up 19%.
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Source Fool.com
