Why Farfetch Stock (FTCH) Is Getting Hammered

Farfetch Ltd FTCH shares are trading lower by 47% to $1.11 Wednesday morning after the company said it will not announce third-quarter results.

In a brief press release late Tuesday, the company said it won't release its third quarter 2023 financial results as planned and has canceled the associated conference call.

Farfetch says the company is holding off on forecasts or guidance, advising against relying on any previously provided estimates. Instead, they plan to offer a market update in the future.

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According to data from Benzinga Pro, FTCH has a 52-week high of $54.60 and a 52-week low of $27.85.