Stitch Fix Is Crashing After Its First-Ever Earnings Report
Stitch Fix’s first earnings report is not going well for the company, as its shares went into a tailspin after a significant run up over the past month following its IPO when it delivered its results its most recent fiscal quarter. Stitch Fix, a personalized apparel company that ships a box of recommended items that users can buy or send back, closed up just 1% on its first day of trading but did not have a good week after it made its public debut. The company downsized its IPO initially, and it looked like things weren’t going well for the company. But in less than a month, the company’s shares swung back and were up more than 50% since it made its debut as bullish sentiment for the holiday season rolled in. Today’s report put the brakes on that and sent the stock into a tailspin. Prior to the company’s earnings report coming out this afternoon, Stitch Fix shares rose around another 4%, but the chart more or less speaks for itself after today’s report as it looks like its huge run in the back half of the year comes to a halt. Read more at Tech Crunch.
