Why Stitch Fix Stock Jumped Higher on Wednesday
Stitch Fix (NASDAQ: SFIX) shares were up 14.7% as of 10:32 a.m. EDT on Wednesday, after another blowout quarter. The company delivered solid earnings results for the fiscal fourth quarter. Revenue grew 29% year over year to reach $571 million, beating the consensus estimate calling for $547 million. The company even delivered a surprise profit, reporting earnings per share of $0.19, compared to analysts' expectations for a loss of $0.13.
The latest results follow the previous quarter's revenue growth of 44% year over year. Despite signs of momentum building in the previous quarter, the stock had been spiraling downward in recent weeks, reflecting very low expectations for the fiscal fourth quarter.
Source Fool.com