Stock Alert: Farfetch Up 13%

(RTTNews) - Shares of Farfetch Limited (FTCH) are gaining over 13% on Friday morning after the luxury fashion platform reported second-quarter revenues that trumped expectations.

FTCH is currently trading at $29.73, up $3.38 or 12.83%, on the Nasdaq.

Farfetch's second-quarter loss widened to $435.9 million or $1.29 per share from last year's loss of $95.4 million or $0.31 per share. Revenue, however, rose 74% to $364.7 million from $209.3 million last year.

CEO José Neves said, "Digital Platform GMV was an all-time high $651 million, we attracted more than half a million new consumers - our highest ever, and brands and retailers leaned in to offer the broadest selection of luxury fashion we have ever seen on the Marketplace.

Analysts polled by Thomson Reuters had expected a loss of $0.35 per share on sales of $327 million for the quarter.

Farfetch also announced the departure the board's chairperson Natalie Massenet.