Levi Strauss & Co. (NYSE: LEVI) stock slid 16.5% through 12:30 p.m. ET Thursday despite the company delivering an earnings beat last night.

Heading into earnings, analysts forecast the blue jeans maker would earn only $0.11 per share on $1.45 billion in second-quarter 2024 sales. In fact, Levi earned $0.16 per share -- nearly 50% more than expected -- while sales came in close to the mark at $1.44 billion.

Wait. Levi earned more than it was supposed to despite selling less stuff? What's wrong with that?

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Source Fool.com