: Crocs falls after it issues profit warning despite beating earnings and revenue estimates
Crocs Inc. CROX fell 11.5% in early trades after it said it would fall short of Wall Street’s second-quarter profit forecast, as investors looked past its better-than-expected first-quarter results. Crocs said it expects second-quarter profit of $2.83 to $2.98 a share, below the analyst forecast of $3.27 a share, according to estimates compiled by FactSet. For the first quarter, Crocs posted first-quarter earnings of $2.61 a share, well ahead of the $2.16 a share analyst estimate. Crocs’s first-quarter revenue of $884.2 million came in well ahead of the expectation of $856.8 million, according to FactSet. For 2023, the company expects revenue of $4 billion, in line with analyst estimates.
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