Allbirds stock drops more than 16% after lower outlook, wider Q1 loss

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Shares of Allbirds Inc. BIRD, -8.32% fell fell more than 16% in the extended session Tuesday after the footwear and apparel maker reported wider first-quarter losses and dialed back its 2022 outlook on what it called a “tumult” disrupting its international business. Allbirds said it lost $21.9 million, or 15 cents a share, in the quarter, compared with a loss of $13.5 million, or 25 cents a share, in the year-ago quarter. Revenue rose 26% to $63 million, the company said, mostly thanks to “strong consumer demand” in the U.S., where revenue increased 35%. FactSet consensus called for a loss of 12 cents a share on sales of $62 million. Allbirds is adopting “a more conservative near-term outlook” in light of “transitory” headwinds, but it expects to deliver a “strong” full-year revenue growth of between 21% and 24% in 2022. “Tumult around the world since our last earnings report, including Russia’s invasion of Ukraine and China’s COVID-19 restrictions, impacted the performance of our international business in Q1 and is expected to persist for the remainder of 2022,” Chief Executive Joey Zwillinger said in a statement. Allbirds guided for 2022 revenue between $335 million and $345 million, and an adjusted loss between $25 million and $21 million. The FactSet analysts expect 2022 revenue around $362 million. Allbirds stock ended the regular trading day down 8.3%.

Source: Marketwatch

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