Why Warby Parker Stock Sank Today
Eyeware retailer Warby Parker (NYSE: WRBY) disappointed investors with its latest quarterly report, causing shares to tumble Thursday morning. After an early drop of more than 13%, the stock recovered some of that loss, but remained down 5.5% as of 10:45 a.m. ET today.
While fourth-quarter revenue grew 18% compared to the prior-year period, the company said it lost sales in the final weeks of 2021 due to the spread of the COVID-19 omicron variant. It also reported a net loss of almost $46 million, compared to a net loss of just $4.3 million in the year-ago quarter. That additional loss was attributed to increased stock-based compensation expenses and related employer payroll taxes.
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Source Fool.com
