Why Shares of Elf Beauty Were Soaring This Week, According to Data From S&P Global Market Intelligence
Shares of Elf Beauty (NYSE: ELF) were soaring more than 20% this week, according to data from S&P Global Market Intelligence. The upstart beauty and cosmetics brand reported stellar growth in the first calendar quarter of 2024, leading investors to bid up the stock. It has become one of the largest beauty brands in the world, with its stock up over 1,000% in the last five years alone.
Here's why Elf Beauty shares were rising this week.
For the three months ending in March 2024, Elf Beauty reported 71% revenue growth to $321 million. This was its fifth straight quarter of revenue growth above 70%. The brand is gaining tons of market share in the beauty category around the globe with its disruptive low-price but high-quality offerings. International revenue outside of the United States is growing by over 100% year over year.
Source Fool.com
