Friday, 30 October 2020

Under Armour beats quarterly revenue estimates

Under Armour Inc beat quarterly revenue estimates on Friday, helped by online demand from shoppers looking for athletic apparel for home or outdoor workouts.

The Baltimore-based company’s shares rose 7% premarket, as it also announced the sale of its MyFitnessPal exercise tracking platform for $345 million to Francisco Partners.

The company forecast full-year revenue to fall in the high-teen percentage, compared to analysts’ average estimate of a 25.7% drop, according to IBES data from Refinitiv. Under Armour is still suffering from a plunge in revenue from department stores.

Overall revenue stayed roughly flat at $1.43 billion for the third quarter ended Sept. 30 but beat analysts’ average estimate of $1.16 billion.

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