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Why Farfetch Stock Was Tumbling Today

Why Farfetch Stock Was Tumbling Today

Shares of Farfetch (NYSE: FTCH) were taking a dive today after the luxury e-commerce fashion platform posted disappointing third-quarter earnings results and cut its guidance. Farfetch said revenue increased 1.9% in the quarter, or 14.1% in constant currency, to $593.4 million, which was short of estimates at $596.6 million. Gross merchandise volume (GMV), a measure of the dollar value of goods sold on the platform, was down 4.9%, or up 4.2% in constant currency, to $967.4 million.