Shares of Farfetch Limited (NYSE: FTCH), a luxury fashion e-commerce platform, spiked today after the company reported a better-than-expected loss in the first quarter. Farfetch reported an adjusted loss per share of $0.24 in the first quarter, which was down from a loss of $0.22 per share in the year-ago quarter but ahead of analysts' average estimate of a loss of $0.28 per share. "Our core business remains very strong, in spite of the macro events in China and ceasing operations in Russia, which impacted our performance and outlook," José Neves, Farfetch's founder and CEO, said in a press release.
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