Allbirds announces its first ever quarterly result
The trendy shoemaker releases its first quarterly result since going public earlier this year. Yahoo Finance's Ines Ferre takes a look.
ADAM SHAPIRO: Jared, the shoe's on the other foot, so to speak, at Allbirds. They're out too with their third-quarter report. Ines Ferre, what do they got for us?
INES FERRE: And, Adam, it's a beat on the top line, with revenue rising 33% year over year to $62.7 million. Meanwhile, the loss per share came in at $0.25. That's wider than the same period last year, but that included stock compensation costs related to its IPO and also the opening of new stores.
The company's gross margin expanded 120 basis points from the third quarter of 2020. And, also, the company noting "notable strength in US physical retail. Importantly, we saw strong consumer response in the quarter to our new product innovation, including our new Perform Apparel line."
Now, Allbirds went public in early November in a hot IPO market and a hot IPO for [? itself, ?] because they priced their IPO at $15 a share. The shares surged 90% on the first day of trading. Analysts are pretty bullish on this stock. You've got nine buy ratings, three hold ratings, and zero sells. Adam.