Elf Beauty shares crater; company in part blames TikTok, LA fires
Elf Beauty's shares tumbled over 20% Friday after the cosmetics company cut its annual net sales and profit forecasts, citing weak demand in the mass beauty category at the start of the year in part because of the LA wildfires and the lack of clarity of the fate of TikTok in the U.S. Alex Cohen has more.
Price targets for the shares are also moving lower after the makeup manufacturer said sales slowed at the start of the year.
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ELF's CEO, Tarang Amin, said that "consumer mindset" was focused on the LA wildfires and "uncertainty around the TikTok ...
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