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Source: Sharaf Maksumov / Shutterstock.comStitch Fix (NASDAQ:SFIX) stock is taking a beating on Wednesday after the company released results for its fiscal fourth quarter of 2022.
The bad news for SFIX stock starts with the company’s diluted earnings per share of -89 cents. That’s a far cry from the -60 cents per share that Wall Street was expecting. It’s also worse than the company’s diluted EPS of 19 cents from the same time last year.
Adding to those troubles is Stitch Fix’s revenue of $481.9 million. Yet again, that fails to reach the $488.79 million in revenue that analysts were looking for during the quarter. It’s also an almost 16% decrease year-over-year compared to $571.2 million.
Elizabeth Spaulding, CEO of Stitch Fix, said the following in the earnings report.
“Today’s macroeconomic environment and its impact on retail spending has been a challenge to navigate, but we remain committed to working through our transformation and returning to profitability.”
What’s the Future Hold for SFIX Stock?
Also not helping SFIX stock today is its outlook for its fiscal first quarter of 2023. The company expects revenue for the period to range from $455 million to $465 million. This would see it miss Wall Street’s estimate of $518.32 million. It also represents a 22% to 20% YoY drop.
Markets have only recently opened and SFIX stock is already seeing quite a bit of trading. As of this writing, more than 2 million shares have changed hands. That’s quickly gaining on the company’s daily average trading volume of 3.9 million shares.
SFIX stock is down 1.1% as of Wednesday morning.
There’s more stock market news worth checking out below!
We’ve got all of the latest stock news traders need to know about today! That includes what’s happening with Cassava Sciences (NASDAQ:SAVA) and Amprius Technologies (NYSE:AMPX) shares, as well as this morning’s biggest pre-market stock movers. You can find out more on these matters at the following links!
More Wednesday Stock Market News
- What Is Going on With Cassava (SAVA) Stock Today?
- Amprius (AMPX) Stock Soars 80% in Big Battery Bet
- Today’s Biggest Pre-Market Stock Movers: 10 Top Gainers and Losers on Wednesday
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
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