The clothing subscription service Stitch Fix soared over 50% on Tuesday after the release of its earnings results for the quarter ended October, wherein it posted $490 million in revenue and a net income of $9.5 million. Stitch Fix added 241,000 more clients compared to the previous quarter, now with 3.8 million Active clients.

Following its earnings release, Stitch Fix rose by as much as 53%, signaling great investor sentiment for the online clothing retailer. The rise saw Stitch Fix hit an all-time high from its IPO in 2017 to date, now sporting a market value of over $5 billion.

Notably, as Stitch Fix posted strong earnings, the company also announced the appointment of a new Chief Financial Officer, Dan Jedda, who was poached from the e-commerce giant Amazon where he served as a Vice President and CFO for its Digital Video, Digital Music, and Advertising and Corporate Development divisions.

Stitch Fix ended the quarter leading up to October with nearly $400 million in cash and short-term investments on its balance sheet.

Forecast

For the full fiscal year, Stitch Fix is projecting revenues of between $2.05 billion to $2.14 billion, significantly ahead of analyst estimates of $2.01 billion and its last year revenue of $1.7 billion.

Photo: Stitch Fix CEO Katrina Lake by Fortune Conferences is licensed under CC BY-NC-ND 2.0

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