Allbirds Inc. BIRD shares dropped more than 14% in the after-hours session Wednesday after the footwear and apparel maker reported a drop of more than 20% in its quarterly revenue, due in part to lower prices and more promotions, and called for lower sales in the current quarter. Allbirds lost $31.6 million, or 21 cents a share, in the quarter, matching Wall Street expectations and compared with a loss of $25.2 million, or 17 cents a share, in the third quarter of 2022. Sales fell 21% to $57.2 million as Allbirds sold fewer items and promotions lowered the average selling price, it said. Analysts were looking for revenue of $59 million for the quarter. Revenue also took a hit of about $800,000 as the company transitioned from a direct selling model to a distributor model in South Korea and Canada in September, it said. Allbirds guided for fourth-quarter revenue between $66 million and $72 million, which would be a drop of 22% to 15% from the fourth quarter of 2022 and compare with FactSet consensus of $79.7 million for the quarter.
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