Shares of Farfetch (NYSE: FTCH) are trading over 17% higher in after-hours trading after the company reported better-than-expected earnings for its third quarter.
Revenue came in at $438 million to beat the Street consensus of $367.12 million. Gross merchandise value (GMV) rose 62% to $798 million with gross profit margin coming at 48%.
“The Farfetch platform continued to accelerate in third quarter 2020, setting another quarterly GMV record and further indicating we are witnessing a paradigm shift in favor of online luxury. The Farfetch platform is not only capturing this opportunity but is helping drive this paradigm shift both for luxury consumers and brands,” José Neves, Farfetch Founder, Chairman and CEO said in the statement.
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Strong quarterly numbers come just a few days after the company reported a global partnership with Alibaba and Richemont to accelerate the digitization of the luxury industry. Partners will invest $1.15 billion in Farfetch Limited and new Farfetch China joint venture to grant FTCH expanded access to the Chinese market.
Farfetch share price is now up 16.18% in pre-market trading Friday to total year-to-end gains to more than 300%.
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