Why Allbirds Stock Fell to New Lows Today
Shares of Allbirds (NASDAQ: BIRD) were down 6% as of 11:22 a.m. ET on Wednesday after the company reported better-than-expected revenue and earnings for the third quarter. However, management's fourth-quarter revenue guidance was lower than the consensus estimate, which sent the stock down.
Year to date, the stock has fallen 82%. Could this be a buying opportunity?
The market has had little patience with companies reporting losses in this environment. It doesn't matter that Allbirds posted another quarter of double-digit revenue growth. The company posted a loss of $76 million through the first three quarters of the year, and guidance didn't give investors much confidence that financial results will be better than current estimates.
Source Fool.com
