Under Armour is tanking after posting weak fourth quarter earnings on Tuesday morning.
The apparel company missed on both revenue and earnings per share against analyst expectations. Earnings for the fourth quarter came in at $0.23 per share against analyst expectations of $0.25. Revenue also whiffed at $1.31 billion, lower than projections of $1.41.
Earnings for the fourth quarter came in at $0.23 per share against Wall Street expectations of $0.25. Revenue also whiffed, coming in at $1.31 billion, lower than projections of $1.41 billion.
The company also lowered its guidance for 2017, bringing estimates for operating income down to $320 million and a smaller gross margin.
"The current environment represents an inflection point to maximize our unique strengths by staying on offense — investing smartly in innovation, deepening our Brand connection with consumers and amplifying our focus on operational excellence — positioning Under Armour as a stronger company," said CEO Kevin Plank in a press release.
The company also announced that CFO Chip Molloy is also leaving effective February 3 for "personal reasons."
Following the news, shares of Under Armour sank by just over 24% in pre-market trading as of 7:47 a.m. ET.