Stitch Fix Inc (NASDAQ:SFIX) shares are trading lower Wednesday after the company reported third-quarter financial results.

What Happened: Stitch Fix reported fiscal first-quarter revenue of $455.59 million, which beat average analyst estimates of $459.44 million, according to Benzinga Pro. The company reported a quarterly net loss of 50 cents per share, which missed estimates for a loss of 47 cents per share.

"This quarter we made meaningful progress on our transformation journey despite a difficult macro environment. Through diligent cost savings and efficiencies we beat our adjusted EBITDA expectations for Q1 and have improved our adjusted EBITDA guidance for FY23," said Elizabeth Spaulding, CEO of Stitch Fix.

Outlook: Stitch Fix expects fiscal second-quarter revenue to be between $410 million and $420 million versus estimates of $444.96 million. The company expects full-year revenue to be between $1.6 billion and $1.7 billion versus estimates of $1.81 billion.

Analyst Assessment: Multiple analysts lowered price targets on the stock following the company's quarterly results.

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SFIX Price Action: Stitch Fix shares traded up to around $4.25 per share Wednesday morning before reversing and turning negative. The stock was down 5.18% at $3.48 at time of publication, according to Benzinga Pro.

Photo: Pexels from Pixabay.