Why Crocs Stock Jumped Higher This Morning
Shares of Crocs (NASDAQ: CROX) were trading up 6% as of 10:16 a.m. ET after the company reported earnings results for the third quarter. Crocs reported revenue that was ahead of analysts' estimates but missed on earnings.
However, management raised its forecast for the full year, which has been rare for companies lately. Concerns over a weakening economy have sent the stock down 44% year to date, but investors are clearly taking notice of the stock's unbelievable value.
Coming off a strong year of growth in 2021, the market has been bracing for a deceleration in revenue with sky-high inflation taking a toll on the consumer. But after reporting top-line growth of 44% and 51% in the first and second quarters, Crocs continues to report solid numbers.
Source Fool.com
