2024-02-29 13:02:06 ET
Shares of healthcare apparel company Figs (NYSE: FIGS) plunged on Thursday after the company reported financial results for the fourth quarter of 2023. As of noon ET, Figs stock was down about 15%. This former market darling is now down 90% from its all-time high in 2021.
In the previous quarter, Figs' management said it expected full-year 2023 revenue to be down 8.5% from 2022. But Q4 net revenues of $145 million came in better than management's guidance. Full-year net revenues of $546 million were consequently down only 7.9% year over year.
That said, this is one of those cases where Wall Street forecast higher top-line numbers than management guided for. So while Figs outperformed guidance in Q4, it didn't live up to the expectations of the analyst community, leading to the drop in stock price today.
For further details see:
Here's Why Figs Stock Plunged Today