Shares for Allbirds sank nearly 10 percent in after-market trading on Thursday after the footwear company lowered its yearly guidance again following its latest earnings report.

In the third quarter of fiscal 2025, the San Francisco-based company reported that net revenue decreased 23.3 percent to $33.0 million, compared to $43.0 million in the same time last year. There was also a net loss in Q3 of $20.3 million, compared to $21.2 million in the third quarter of 2024.

Allbirds noted that its year-over-year decrease is primarily attributable to structural changes, including impacts from international distributor transitions and planned retail store closures.

Earnings for Q3 were in line with Allbirds’ expectations . For the third quarter, the company was expecting net revenue of

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