Shares of E.l.f. Beauty Inc. fell after hours, following the company’s decision to cut its full-year earnings forecast due to weaker-than-expected January sales. CEO Tarang Amin attributed the decline to a broader industry slowdown and consumers being distracted by news events such as wildfires in LA and concerns over TikTok. The cosmetics maker said consumer mindshare is focused elsewhere, resulting in softer trends for the company.
Source: https://www.marketwatch.com/story/e-l-f-beauty-stock-drops-after-cosmetics-maker-trims-outlook-a1b144a5