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Stitch Fix stock plunges on Q2 earnings miss

Yahoo Finance

Yahoo Finance Live’s Julie Hyman breaks down the decline in stock for Stitch Fix following its Q2 earnings release.

Video transcript

JULIE HYMAN: We got a trending ticker watch for you. Stitch Fix, those shares are plunging after the online subscription clothing company reported a much wider loss than estimated, as the number of active clients fell 11% and revenue per active client missed forecasts. Net revenue overall fell 20%. That's a drop that Edward Yruma of Piper Sandler said points to, quote, "foundational issues."

The revenue forecast for this quarter also trailed estimates. And on top of all that, chief financial officer Dan Jedda stepped down. Turns out he's joining Roku as CEO. And this all came after Stitch Fix's CEO stepped down in January. She was replaced on an interim basis with founder Katrina Lake. At the time, Stitch Fix also cut about 20% of its salaried staff.