Farfetch (FTCH) reported earnings on Wed 15 May 2019 (a/h)

** charts after earnings **

 

Farfetch misses by $0.07, beats on revs; GMV increases 43% yr/yr; Guides for Q2 and FY19 GMV and EBITDA

• Reports Q1 (Mar) loss of $0.22 per share, excluding non-recurring items, $0.07 worse than the S&P Capital IQ Consensus of ($0.15); revenues rose 38.6% year/year to $174.06 mln vs the $171.06 mln S&P Capital IQ Consensus.
• Gross Merchandise Value increased by $126.6 million from $292.7 million to $419.3 million in first quarter 2019, representing year-over-year growth of 43.2%.
• Adjusted EBITDA loss increased by $6.6 million, or 27.8%, year-over-year in first quarter 2019, to $30.2 million. Adjusted EBITDA Margin improved from (22.9%) to (20.7%) over the same period, primarily due to the impact of adopting IFRS 16 in first quarter 2019, as described above.
• Outlook
• For second quarter 2019, Platform GMV is expected to grow approximately 40% - 42% year-over-year, and Adjusted EBITDA Margin is expected to be approximately (19%) - (21%).
• For full year 2019, Platform GMV is expected to grow approximately 41%, and Adjusted EBITDA Margin is expected to be approximately (16%) -- (17%).

IPOs this week : May 13 - 17, 19

Expected IPO pricings: 

• Chinese coffee upstart Luckin Coffee (LK) is the headliner of next week's expected IPO pricings. The listing will be one of the biggest by a mainland company in the U.S. this year. Luckin aims to raise up to $587M at a price range between $15 and $17 by selling 30M American depositary shares, with each ADS representing eight ordinary shares. Luckin plans to have more than 4.5K pickup stores open by the end of the year, while competitor Starbucks (NASDAQ:SBUX) is targeting 6K of its larger-format stores by the end of 2022. 
• ConversionPoint (CPTI) on May 13, 
• Bricktown Restaurant Group (BEER) on May 14, 
• Pimco Mortgage Income Trust (PMTG) on May 15 as well as Avantor (AVTR) and Fastly (FSLY) on May 15.

IPO lockup expirations: 

• Vapotherm (NYSE:VAPO) on May 13; 
• Bain Capital Specialty Finance (NYSE:BCSF) and Weidai (NYSE:WEI) on May 14.

IPO quiet period expirations:

• Pinterest (PINS) and Zoom Video Communications (NASDAQ:ZM) on May 13.

Uber Technologies Inc. (UBER) began trading on the NYSE on 10 May 2019

Uber (UBER 41.57, -3.43, -7.6%) made its public debut on Friday, although the price action was much more subdued than past IPOs this year.

• The ride-hailing giant priced shares in the IPO Thursday at $45 each, raising $8.1 billion and giving the company a valuation of $82 billion.
• Trading began at about $42.50, compared with the $45 paid by investors allocated stock in the initial sale, which was already at the lower end of the $44-$50 range.
• Uber closed the day at $41.57, down 7.6% from last night’s IPO price.

Uber Technologies Inc. CEO Dara Khosrowshah (C) and early employee Austin Geidt (in red) ring the opening bell of the trading session on the New York Stock Exchange

Khosrowshahi and Uber co-founder Garrett Camp take a selfie photograph on the trading floor of the New York Stock Exchange on Friday

Kalanick (left) stands with his father Donald in the members gallery above the floor of the NYSE


Uber Technologies Inc. CEO Dara Khosrowshahi stands outside the New York Stock Exchange ahead of the company's IPO in New York on Friday


Protestors march through the financial district, demanding fair wages and more transparency during a strike against Uber in San Francisco on Wednesday