Shares of e.l.f. Beauty Inc. (ELF) plummeted 5.15% during intraday trading on Wednesday.
The sharp decline came as the market digested the company's earnings forecast ahead of its scheduled quarterly report. According to earnings preview data, e.l.f. Beauty's adjusted earnings per share for the fourth quarter are forecast at 29 cents, a significant drop from 49 cents in the same period last year.
The cosmetics company was among several firms scheduled to report earnings on Wednesday, with investors reacting negatively to the anticipated year-over-year decline in profitability.
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