Why Oddity Tech Stock Soared Today
Shares of technology-enhanced cosmetics platform Oddity Tech (NASDAQ: ODD) soared on Friday after the company raised its guidance for the second quarter of 2024 and announced a stock buyback program. As of 2:40 p.m. ET, Oddity Tech stock was up a whopping 22%.
Oddity Tech is an Israeli company that had its initial public offering (IPO) less than one year ago. It's put up strong growth numbers and had guided for up to $189 million in Q2 revenue, which would represent 25% year-over-year growth. However, today management clarified that it fully expects to hit this number, tossing out the lower possibilities in its previous guidance.
Moreover, Oddity Tech had guided for Q2 adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) of $56 million, at best. Now it expects $60 million.
Source Fool.com
