Waldencast (NASDAQ: WALD) stock is skyrocketing Wednesday. The cosmetics company's share price was up 15.9% as of 11:45 a.m. ET, according to data from S&P Global Market Intelligence. Shares had been up as much as 63.4% earlier in the day's trading.

Waldencast published second-quarter results after the market closed yesterday, reporting sales that crushed expectations. Management also indicated that performance should continue to improve in this year's second half.

Waldencast posted $63.3 million in sales in the second quarter -- up 28.2% year over year. Meanwhile, the average analyst estimate had targeted sales of $58.3 million for the period. The company's net loss in Q2 also narrowed to $9 million, down from a loss of $23.5 million in last year's quarter.

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Source Fool.com