Why Farfetch Stock Went on Sale Friday

Shares of Farfetch Limited (NYSE: FTCH) cratered early on Friday, and while they clawed back some of their losses, they never really recovered. The stock plunged as much as 19.7% in early trading but eventually ended the day down 13.9%.

The catalyst that sent the online luxury goods retailer lower was mixed third-quarter financial results that highlighted weaker sales and ongoing headwinds.

Farfetch reported revenue of $582.63 million, up 33% year over year, driven by gross merchandise value (GMV) of $1.02 billion, up 28%. This resulted in an adjusted loss per share of $0.14.

Source Fool.com