Reported 6 months ago
Celsius Holdings Inc. saw its shares drop by the most in over two years due to concerns about slowing revenue growth indicated by industry sales data. The stock tumbled 13% on Tuesday, wiping out about $2.9 billion of the company's market value as year-over-year sales growth in tracked US channels slowed. Analysts noted that Celsius' market share slipped in recent weeks, and its sales on promotion increased, leading to the stock decline. Despite the plunge, Celsius shares are still up more than 50% this year. Concerns also arose about inventory changes made by distributor PepsiCo Inc., which could impact second-quarter sales.
Source: YAHOO