By Dhirendra Tripathi
Investing.com – Allbirds , Inc. (NASDAQ:BIRD) stock plunged 11% in premarket trading Thursday on posting a quarterly loss that was wider than estimated, held back by costlier raw materials.
The company uses naturally derived materials like wool and other plant-based alternatives to make footwear and eco-friendly apparel that resonate with the young, particularly those in Silicon Valley.
Net revenue in the fourth quarter rose 23% to over $97 million, an all-time high. However, expenses related to logistics and opening of more retail stores weighed.
On an adjusted basis, it posted a quarterly loss of 9 cents per share compared to expectations of 8 cents.
The company's view for first quarter sales of $60 million-$62 million is below estimates, according to Reuters, but its full-year forecast came in above expectations.
Annual net revenue is seen at $360 million at the center of its guidance range.