5 Companies Drawing Attention Following Earnings Reports

In this article, we discuss the 5 companies drawing attention following earnings reports. If you want to read our detailed analysis of these companies, go directly to the 11 Companies Drawing Attention Following Earnings Reports.

5. Stitch Fix, Inc. (NASDAQ:SFIX)

Number of Hedge Fund Holders: 30

Shares of Stitch Fix, Inc. (NASDAQ:SFIX) hit a new 52-week low in the extended hours on Thursday, June 9, 2022, after posting disappointing financial results for its fiscal third quarter. The online personal styling service also disclosed plans to cut its workforce, citing an uncertain macroeconomic environment. The company expects $40 – $60 million in annual cost savings from the job cuts.

For its fiscal third quarter, Stitch Fix, Inc. (NASDAQ:SFIX) reported a loss of 72 cents per share, wider than analysts’ average estimate for a loss of 55 cents per share. Revenue for the quarter fell 8 percent on a year-over-year basis to $492.9 million, missing expectations of $493.26 million.

Among other updates, Stitch Fix, Inc. (NASDAQ:SFIX) reported that its active clients decreased 5 percent to 3,907,000 in the quarter. Moreover, its gross margin also fell 338 basis points to 42.6 percent.

Speaking on the results, CEO Elizabeth Spaulding said:

“While third quarter top-line results, as well as active client counts, were largely within our expectations, we know we still have work to do. This quarter we made progress on improving the overall client experience in order to position Stitch Fix for profitable growth and value creation over time.”