Allbirds Inc (NASDAQ:BIRD) shares fell around 16% after-hours following the company’s Q1 results, with EPS of ($0.15) coming in worse than the consensus estimate of ($0.12).
Revenue grew 26% year-over-year to $62.8 million, compared to the consensus estimate of $61.97 million. In comparison to Q1/20, revenue increased 49%. Growth was mainly due to strong consumer demand in the U.S., where revenue grew 35% to $48.9 million, reflecting growth in the company’s digital and physical retail channels, new product launches and refreshes, and improved pricing. International revenue grew only 3% year-over-year to $13.8 million, due to the negative impact of external headwinds, including COVID-19 restrictions in China, the Russia/Ukraine conflict in Europe, and a strengthening U.S. dollar in some international markets.
According to Mike Bufano, CEO of Allbirds, the company expects the external headwinds to continue impacting its international business, which results in a more cautious outlook in the updated 2022 guidance targets.
The company expects Q2 net revenue in the range of $75 million-$79 million (up 10%-16% year-over-year). For the full 2022-year, the company expects net revenue in the range of $335 million-$345 million, up 21%-24% versus 2021, and up 53%-57% versus 2020.
Shares of Allbirds are down 70% year-to-date.
By Davit Kirakosyan