Why Celsius Holdings Stock Surged to New Highs Today
Shares of beverage company Celsius Holdings (NASDAQ: CELH) surged on Thursday after the company reported record revenue for the third quarter of 2020. While analysts expected strong growth, results outpaced expectations. As of 11 a.m. EST, the stock was up 12% but had been up 15% earlier in the session to hit 13-year highs. And year to date, it's up almost 500%.
For Q3, Celsius Holdings reported revenue of $36.8 million. For perspective, it only reported revenue of $20.4 million in the same quarter last year, meaning Q3 revenue was up 80% year over year. The revenue increase is largely attributable to the company's expanded distribution. Last quarter, its products were available in 74,000 retail outlets. As of this quarter, its products are in over 79,000 retail outlets.
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Source Fool.com
