Stock Prices for Under Armour Experience a Surge Following Earnings Report Reveal

As per the latest reports, the share prices for Under Armour reportedly experience a surge. The data shows that the spike in the prices for the company was observed on Tuesday, August 3, 2021. Under Armour is a famous company that is known for producing sports apparel for consumers.

The reason why the company experienced a surge in its prices was because of the earnings report it revealed for the second quarter of 2021. It was on Tuesday, August 3, 2021, when Under Armour revealed its earnings report to the public and investors.

The firm has revealed that the sales it has recorded in the second quarter of 2021 are much higher than the predictions that were made by the analysts. According to the firm, it experienced a surge because of the lockdown lift-offs from around the world.

With the pandemic going away from the world, the shoppers have started returning to the stores to buy stuff. This is the reason why the sales for the company have started experiencing a surge in its earnings and revenues.

As a result of the spike the company has observed in terms of sales and earnings, Under Armour has gone ahead and raised its forecast for the third and fourth quarters of 2021.

In the forecast, the firm has increased the sales, revenue, and profit figure keeping in the mind the sales it has achieved in the second quarter of 2021.

Under Armour has revealed that in the second quarter of 2021, the firm has observed a rise of 24 cents per share. On the other hand, the analysts at Wallet Street had predicted that the price rise in the shares for Under Armour would be 5 cents only.

According to the company, its group revenues also experienced a great surge. The company’s group revenues experienced a spike of 91%, which took the company’s revenue to $1.4 billion in the second quarter of 2021. Similarly, the analysts had predicted that the revenue in the second quarter of 2021 would be $1.2 billion.

Patrik Frisk, the CEO at Under Armour spoke about the company’s growth and unexpected revenue generation in the Q2 of 2021. He stated that the company has performed way above the expectations that were set by the analysts.

Frisk stated that the company has shown great potential and has performed really well as compared to the years 2019 and 2020. The company’s revenues have experienced a great surge and they are very excited about the company’s performance and the upcoming quarters.

The data from the stock exchange market shows that right after the release of the earnings report, the share prices for Under Armour experienced a 6.7% surge.