Farfetch shares lost more than -10% Thursday, after the online luxury fashion retailer reported wider-than-expected loss for the first-quarter.
The company incurred an adjusted loss of -22 cents per share, worse than analysts’ anticipated -14 cents per share loss.
However, revenue of $174.1 million came in higher than analysts’ estimates of $171.1 million. The figure also marked a +39% climb year-over-year .
CEO Jose Neves mentioned launch of the Augmented Retail pilot in Chanel's new Paris boutique, and the entry of Farfetch on JD.com's platform as significant developments for the company in recent times.
Despite the lower-than-expected earnings performance of Farfetch in the latest quarter reported, several investment bank analysts did not budge from their outlook. JP Morgan maintained its overweight rating and $30 price target on the stock, while analysts at Wells Fargo also reaffirmed their outperform rating and $32 price target.