Farfetch stock surged 16% on strong Q3 sales

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Farfetch (FTCH.US) stock jumped over 16% after the company announced third-quarter sales and fourth-quarter growth projections that beat market estimates. The online seller of luxury fashion goods posted an adjusted third-quarter loss of 17 cents per share, smaller than the 40-cent loss that analysts had been anticipating. Revenue exceeded expectations by a wide margin as sales rose 71% in recent quarter. Company expects digital platform gross merchandise value of $ 880 million to $ 910 million in the current quarter, above Wall Street estimates of $ 851.3 million.

Farfetch (FTCH.US) stock launched today’s session with a massive bullish price gap and reached new ATH at $50.36. However, buyers failed to uphold momentum and price pulled back. The nearest support lies at $44.35. Source: xStation5

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