Why Farfetch Stock Soared Today
Shares of Farfetch (NYSE: FTCH) were up 30% as of 2:30 p.m. EST Friday after the luxury fashion retail platform announced better-than-expected third-quarter 2019 results.
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More specifically, Fartfetch's quarterly revenue skyrocketed roughly 90% year over year to $255.5 million, helped by a 58.7% increase in gross merchandise volume (GMV) to $492 million. Within that total, digital platform GMV grew 37% (or 40% at constant currencies) to $420 million -- well above guidance for 30% to 35% growth. Trending toward the bottom line, that translated to an adjusted net loss of $0.18 per share.
Source Fool.com
