Farfetch Q3 Hit by Russia Exit, China Lockdowns

’s third-quarter revenues rose 1.9 percent to $593.4 million, an increase of 14.1 percent in constant currencies. The value of the goods sold through its platform, or the gross merchandise volume, slipped 4.9 percent to $967.4 million, which would have been an increase of 4.2 percent in constant currencies.

Farfetch’s active customer count for the quarter grew by 8.6 percent to 3.9 million from a year earlier. And gross profit margins increased 160 basis points to 44.9 percent and adjusted losses before interest, taxes, depreciation and amortization tallied 4.1 million. Investors were feeling antsy and sent shares of the company down 9.7 percent to $8.25 in after-market trading on Thursday.

Neves said the company has been using the opportunity of a difficult market to do some streamlining.

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