Why Under Armour Stock Crashed Today
Shares of Under Armour (NYSE: UAA) (NYSE: UA) fell 23.8% on Friday after the athletic apparel maker posted an unexpected loss and issued a tepid full-year profit forecast. Its results were dampened by coronavirus-related lockdowns in China, which led sales in its Asia-Pacific region to fall by 14%. Supply chain disruptions made it impossible for Under Armour to obtain the inventory it needed to satisfy the demand for its products among consumers.