Why Revolve Group Stock Crashed on Thursday
Revolve Group (NYSE: RVLV) reported second-quarter earnings results that significantly exceeded analysts' expectations. What seemed to spook investors was that the company's sales growth showed a sharp deceleration from the end of Q2 into July. While management expressed optimism about the recovery underway in the economy, it said that COVID-19 is still negatively impacting the business in certain markets around the world.
The apparel stock had been steadily rising this year, as investors viewed the stock as a good reopening play. Even with the share price down 18.9% as of 11:20 a.m. EDT on Thursday, the stock is still up 81% year to date.
Source Fool.com
