FMP
Oddity Tech Shares Surge 22% Following Stock Buyback Approval and Raised Q2 Guidance
Jun 7, 2024 4:58 PM - Davit Kirakosyan
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Shares of Oddity Tech (NASDAQ:ODD) soared by over 22% intra-day today following the company's announcement of a new stock buyback plan and an upward revision of its second-quarter forecasts. The company approved a stock repurchase program valued at up to $150 million.
In addition, Oddity Tech increased its outlook for the second quarter. The company now anticipates Q2 adjusted earnings per share (EPS) to be around 69 cents, up from the previous estimate of 56 cents. Net revenue for the quarter is expected to be approximately $189 million, up from the prior forecast range of $185 million to $189 million.
The company also projects adjusted EBITDA to be about $60 million, higher than the previously estimated range of $53 million to $56 million, and expects a gross margin of around 71%.
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