Farfetch shares fall after widening losses
Farfetch Litd. FTCH, +7.38% shares fell more than 5% in the extended session Wednesday after the online clothing retailer reported wider-than-expected losses but beat consensus revenue estimates. The company reported first-quarter net after-tax losses of $109.2 million, or 36 cents a share, compared with after-tax losses of $50.7 million, or 20 cents a share, in the year-ago period. Adjusted for items such as stock-based compensation, among other items, losses were 22 cents a share. Revenue rose to $174.1 million from $125.6 million in the year-ago period. Analysts surveyed by FactSet had estimated adjusted losses of 14 cents a share on revenue of $171.1 million. For the second quarter, analysts model adjusted losses of 16 cents a share on sales of $195.6 million. Farfetch stock has gained 7.3% in the past six months, with the S&P 500 index SPX, +0.58% rising 3.8%.
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