Shares of Farfetch Ltd. (FTCH) took a nosedive, dropping more than 30% in the extended session on Thursday, following the luxury fashion company’s disappointing sales report for the second quarter. Farfetch incurred a loss of $281 million, equivalent to 68 cents per share, in Q2, compared to a loss of $68 million, or 50 cents per share, in the same period last year. Adjusted for one-time items, the loss per share came in at 21 cents. The company’s revenue also experienced a decline to $572 million, down from $579 million year-over-year. These figures fell short of FactSet consensus estimates, which anticipated a loss of 28 cents per share on sales of $650 million. In response to these results, Farfetch’s Chief Executive and founder, Jose Neves, highlighted the company’s growth and efficiency improvements, while acknowledging the adaptive measures taken amidst the challenging macro environment of the past 18 months. Prior to the extended session drop, Farfetch’s shares had already incurred a 1.7% decrease during regular trading hours.