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Dow Jones Newswires: Allbirds shares dive after latest cuts to 2022 guidance

Allbirds Inc.

shares dived 15% to $4.80 in after-hours trading Monday after the company once again slashed its guidance for 2022.

The sneaker maker forecast full-year 2022 adjusted net revenue between $305 million to $315 million, down from its prior guidance of $335 million to $345 million which reflected the impact of the war in Ukraine and COVID-19 related restrictions in China on its international business.

The San Francisco-based company also guided for adjusted gross profit between $150 million to $157.5 million and adjusted loss before interest, taxes, depreciation and amortization between $37.5 million to $42.5 million. Allbirds previously guided for an adjusted Ebitda loss between $21 million to $25 million.

Allbirds guided for adjusted revenue between $65 million to $70 million and an adjusted Ebitda loss between $15.5 million to $17.5 million in the third quarter.

The company said it’s reducing its global corporate work force by about 8%, slowing the pace of new hires and reducing corporate office space, among other initiatives, to generate cost of revenue savings and lower operating costs.

“We anticipate that the external headwinds pressuring consumer spending in the United States will persist in the back half of 2022,” Finance Chief Mike Bufano said.

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