What: Due to Farfetch ending its operations in Russia and being hit by the COVID-19 restrictions of China, the company posted a net loss of USD 274.9 million in the third quarter.

Why it is important: Compared to earnings of USD 769.1 million a year ago, Farfetch’s Q3 results left investors feeling antsy and sent shares of the company down 9.7% to USD8.25 in after-market trading on Thursday.

Farfetch’s third-quarter revenues rose 1.9% to USD 593.4 million, an increase of 14.1% in constant currencies. The gross merchandise volume slipped 4.9% to USD 967.4 million, which would have been an increase of 4.2% in constant currencies. Farfetch’s active customer count for the quarter grew by 8.6% to 3.9 million from a year earlier. And gross profit margins increased 44.9%, and adjusted losses before interest, taxes, depreciation and amortization tallied 4.1 million.

Farfetch shares drop after posting Q3 report