Shares of Levi Strauss & Co. (LEVI) tumbled in after-hours trading on Wednesday. The company reported third quarter adjusted earnings of $0.33 per share, beating Wall Street's $0.31 estimate. Revenue of $1.52 billion was just shy of the Bloomberg consensus estimate of $1.55 billion. The apparel company also trimmed its full-year revenue guidance and announced it was exploring options for its Dockers business.

In the video above, Morning Brief Anchors Seana Smith and Brad Smith break down the report.

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This post was written by Stephanie Mikulich.