Online fashion retail giant Farfetch saw its stock prices surge by 15 percent over an extended session on Thursday after the company announced its third-quarter financial report. The company announced a narrower-than-expected loss of $85.5 million USD, or 28 cents per share, in the third quarter of 2019, compared to a loss of 30 cents per share ($77.2 million USD) in the same quarter last year.
More optimistically, revenues increased from $134.5 million USD in Q3 of 2018 to $255.5 million USD this quarter. For even better news, Farfetch expects a loss of only between $21 million USD to $31 million USD in the final quarter of the year. According to its Chief Executive Jose Neves, “We had a fantastic Q3, beating all our expectations, and continuing to capture market share at a rapid pace.”
Those with stocks in the company should definitely keep an eye out for its fourth-quarter finances with the holiday season coming up.
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