Allbirds’ stock tanks 14% after company’s revenue drops more than 20%

Allbirds Inc.

shares dropped more than 14% in the after-hours session Wednesday after the footwear and apparel maker reported a drop of more than 20% in its quarterly revenue, due in part to lower prices and more promotions, and called for lower sales in the current quarter. Allbirds lost $31.6 million, or 21 cents a share, in the quarter, matching Wall Street expectations and compared with a loss of $25.2 million, or 17 cents a share, in the third quarter of 2022. Sales fell 21% to $57.

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