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Why Farfetch Stock Was Surging Today

TheMotleyFool

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Why Farfetch Stock Was Surging TodayPhoto, wide shot, wide-angle lens, Grocery store, Midday, harsh overhead sunlight, directional sunlightt, photo by Thomas Heaton: https://img.midjourneyapi.xyz/temp/9a6c3fc6-53ff-4c6e-848b-263660ac3eb0.png

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