Under Armour Inc. (UAA) reported its latest financial results Q1 on Friday. The US sportswear equipment company fell short of analyst estimates for the quarter, sending the stock in free fall.

Revenue reported at $1.301 billion vs. $1.319 billion expected.

Analysts were expecting earnings per share of $0.04 for the quarter, however, Under Armour reported an unexpected loss per share of -$0.01 per share.

“Having successfully executed a multi-year transformation and after delivering a record year in 2021 – we are continuing to serve the needs of athletes amid an increasingly more uncertain marketplace,” Under Armour President and CEO, Patrik Frisk commented on the latest results.

“As global supply challenges and emergent COVID-19 impacts in China eventually normalize, we are confident that the strength of the Under Armour brand coupled with our powerful growth strategy positions us well to deliver sustainable, profitable returns to shareholders over the long-term,” Frisk concluded.

Under Armour Inc. chart

The stock plummeted after the latest financial results during Friday’s trading session. The share price down by over 22% at $11.12 per share.

Here is how the stock has performed in the past year:

• 1 Month -30.53%
• 3 Month -43.38%
• Year-to-date -47.71%
• 1 Year -54.72%

Under Armour price targets

• Wells Fargo: $28
• JP Morgan: $23
• Credit Suisse: $25
• Morgan Stanley: $24

Under Armour Inc. is the 2268^th largest company in the world with a market cap of $4.95 billion.

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Sources: Under Armour Inc., TradingView, CompaniesMarketCap