Greg Smith: Devon Funds Head of Retail on Allbirds posting a multi-million dollar net loss

Heather du Plessis-Allan Drive

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3M ago 4:33

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There's bad news for a former darling of the footwear world.

Kiwi shoe company Allbirds, co-founded by former All White Tim Brown, has posted a net loss of $19 million for the second quarter of 2024.

Greg Smith from Devon Funds says the company runs the risk of being de-listed from the Nasdaq.

"The valuation of the company was over $4 billion, the year before, they'd made over $200 million in sales. Fast forward four years, they're still at $200 million - the cool factor dissipated."

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