ELF - Why e.l.f. Beauty Stock Made a Big Move Higher Today
2024-05-23 11:36:45 ET
Shares of cosmetics company e.l.f. Beauty (NYSE: ELF) made a big move higher on Thursday after the company reported financial results for its fiscal fourth quarter of 2024. As of 10 a.m. ET, e.l.f Beauty stock was up a strong 14%.
In its fiscal 2024 (ending in March), e.l.f Beauty generated net sales of over $1 billion, which represents remarkable 77% year-over-year growth. The company appears to have mastered the art of using social media to grow brand awareness, and it's paid off with five straight years of market-share gains.
Shares of e.l.f Beauty wobbled in after-hours trading yesterday, in contrast to the big gains this morning. While investors are encouraged with growth, some are already looking ahead to its fiscal 2025. For this upcoming fiscal year, management is only guiding for about 21% top-line growth.
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Why e.l.f. Beauty Stock Made a Big Move Higher Today