Why Farfetch Stock Was Surging Today
Shares of Farfetch (NYSE: FTCH) were moving higher today after the luxury fashion e-commerce marketplace posted better-than-expected results in its first-quarter earnings report, showing the stock is starting to make a recovery after crashing during much of 2021 and 2022.
As of 12:39 p.m. ET on Friday, the stock was up 20.1%.
After a surge in demand during the pandemic, Farfetch's growth slowed significantly last year. But revenue began to reaccelerate in the first quarter this year with the top line growing 8%, or 12% in constant-currency terms, to $556.4 million, which easily beat estimates at $512.7 million.
Source Fool.com
