Coty Inc. (NYSE:COTY) shares tumbled 16.46%, to $4.06 in after-hours trading on Wednesday, following mixed fourth-quarter fiscal results that saw revenue beat expectations while earnings fell short of analyst estimates.
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Revenue Beats Amid Market Headwinds
The global beauty company reported fourth quarter revenue of $1.25 billion, surpassing Wall Street estimates of $1.20 billion. However, total revenue declined 8% year-over-year, reflecting ongoing market challenges including U.S. consumer softness and retailer destocking pressures.
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Earnings Miss Weighs on Investor Sentiment
Coty posted an adjusted loss of 5 cents per share for the quarter, missing …