Why Crocs Stock Crashed on Thursday
Shares of shoemaker Crocs (NASDAQ: CROX) were down on Thursday after the company reported financial results for the second quarter of 2022. Keep in mind that Crocs stock was already up more than 50% in a little more than a month going into today, so it was probably due for a pullback after strong gains.
That said, the company cut its full-year guidance (well, kind of), which has investors a little nervous. As of 10:40 a.m. ET today, Crocs stock was down 14%.
In the second quarter, Crocs generated revenue of $965 million, which included a record $732 million for the Crocs brand. It also included impressive revenue of $232 million for its recently acquired Heydude brand, which was up 96% year over year. For what it's worth, revenue of $965 million exceeded the high end of management's guidance of $957 million.
Source Fool.com
