Under Armour is crashing more than 20% after whiffing on earnings
The apparel company missed on both revenue and earnings per share against analyst expectations. Earnings for the fourth quarter came in at $0.23 per share against analyst expectations of $0.25. Revenue also whiffed at $1.31 billion, lower than projections of $1.41.
"The current environment represents an inflection point to maximize our unique strengths by staying on offense - investing smartly in innovation, deepening our Brand connection with consumers and amplifying our focus on operational excellence - positioning Under Armour as a stronger company," said CEO Kevin Plank in a press release
The company also announced that CFO Chip Molloy is also leaving the company effective February 3 for "personal reasons" according to the company.
Following the news, shares of Under Armour sank by just over 24% in pre-market trading as of 7:47 a.m. ET.
