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Allbirds Shares Drop 16% Following Q1 EPS Miss and Cautious Outlook

Allbirds Inc (NASDAQ:) shares fell round 16% after-hours following the corporate’s Q1 outcomes, with EPS of ($0.15) coming in worse than the consensus estimate of ($0.12).

grew 26% year-over-year to $62.8 million, in comparison with the consensus estimate of $61.97 million. Compared to Q1/20, income elevated 49%. Progress was primarily attributable to sturdy client demand within the U.S., the place income grew 35% to $48.9 million, reflecting development within the firm’s digital and bodily retail channels, new product launches and refreshes, and improved pricing. Worldwide income grew solely 3% year-over-year to $13.8 million, as a result of damaging affect of exterior headwinds, together with COVID-19 restrictions in China, the Russia/Ukraine battle in Europe, and a strengthening U.S. greenback in some worldwide markets.

In keeping with Mike Bufano, CEO of Allbirds, the corporate expects the exterior headwinds to proceed impacting its worldwide enterprise, which leads to a extra cautious outlook within the up to date 2022 steering targets.

The corporate expects Q2 web income within the vary of $75 million-$79 million (up 10%-16% year-over-year). For the total 2022-year, the corporate expects web income within the vary of $335 million-$345 million, up 21%-24% versus 2021, and up 53%-57% versus 2020.

Shares of Allbirds are down 70% year-to-date.

By Davit Kirakosyan

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