Under Armour stock spikes 20% after earnings beat

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Shares of athletic apparel maker Under Armour (NYSE: UAA) jumped more than 20% this week after the company reported solid third-quarter financial results. Under Armour raised its full-year 2021 outlook and the company anticipates revenue for the year to climb 25% to $5.62B.

  • Earnings per share: 0.31 vs. 0.10 expected
  • Revenue: $1.55 billion vs. $1.48 billion expected
The strong last quarter results were boosted by the demand for sneakers and performance apparel. During the quarter, Under Armour apparel revenue climbed 14% YoY to $1.1B and footwear revenue increased by 10% to $330M while Accessories revenue fell 13% to $126M.

“With industry-leading innovations, increased marketing efforts to deepen our connection with focused performers, and consistent operational discipline – we’re building greater brand affinity and are on track to deliver record revenue and earnings results in 2021.” - Under Armour CEO, Patrik Frisk said.

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Under Armour stock currently hovers near the $28 resistance level. If the bullish momentum continues then the next upside levels to watch $33 and $37. On the downside, any meaningful pullback now seems to find some support near the $23/22 zones, below which the slide could further get extended towards the $20/19 region.

Read more- https://gulfbrokers.com/en/under-armour-stock-spikes-20-after-earnings-beat
 
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