Market News

Allbirds Takes Wings on Q3 Beat

Footwear and apparel retailer Allbirds (NASDAQ:BIRD) has delivered a third-quarter beat and shares of the company are rising in the pre-market session today.

BIRD’s top line surged 15.9% year-over-year to $72.7 million, galloping past estimates by ~$4.9 million. Net loss per share at $0.15, too, came in narrower than expectations by $0.02.

Moreover, the company opened six stores during this period and launched plant leather, which results in ~88% less carbon as compared to bovine leather.

While the company expects macro headwinds in the coming periods, it is also seeing a higher number of orders as well as an increased average order value.

At the end of the quarter, BIRD had a cash balance of $180.7 million. For the full year 2022, the company expects revenue to range between $305 million and $315 million implying growth between 10% and 14%.

Adjusted EBITDA loss is anticipated to hover between $42.5 million and $37.5 million.   

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