Allbirds Struggles as Stock Plummets After Reporting Wider Loss

The struggling footwear company, Allbirds, has taken another hit as its stock price fell by nearly 8% in the extended session on Thursday. The decline came after the company reported a wider fourth-quarter loss and announced plans to embark on a 'strategic transformation plan' aimed at reigniting growth.

Allbirds' CEO, Joey Zwillinger, said that while the company had made important progress, it still needed to improve its performance. To achieve this goal, Allbirds will focus on profitable growth and is planning to implement changes in order to become more cost-efficient.

The company's financial results for the fiscal first quarter were also disappointing, with revenue dropping by 13% to $84.2 million compared to the same period last year. This decline was attributed to both execution challenges and macroeconomic issues.

Allbirds' loss per share for the quarter was 17 cents, which is significantly higher than the 9 cents per share it reported in the same period last year. The company's CEO also announced that Annie Mitchell would be taking over as CFO effective April 24, replacing Mike Bufano who will remain with the company until mid-May to ensure a smooth transition.

In other news, a GoFundMe page set up to help pay off the mortgage of Meghan Markle and Prince Harry's California estate has failed to raise enough funds, with only $110 raised so far. GoFundMe is a platform that allows individuals to set up fundraising campaigns for various projects and causes.

Indiegogo is another crowdfunding platform that doesn't specialize in any particular type of campaign, allowing creators to fund their ideas through donations from supporters.

As the company moves forward with its plans for transformation, Allbirds' stock will likely continue to be closely watched by investors. Only time will tell if these efforts will pay off and help the company regain its footing in a competitive market.

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