Farfetch Plummets On Weak Sales Outlook
Aug 18, 2023 By MarketDepth
Farfetch (FTCH:NASD) is down almost 50% intraday as the company announces weak outlook from its two biggest markets, the USA and China. To top that the company released lower-than-expected revenue estimates, which came in way below analyst expectations.
“We have seen a less buoyant luxury customer in the U.S. In Mainland China… the reality is the recovery has not been as robust as we had expected when we reported our Q1 results.”CEO José Neves
The company is at an all-time low at $2.57 due to the negative outlook on the company. The company’s expectation for 2023 revenue was $4.9 billion but the released number was $4.4 billion which is a significant difference in revenue.